Economics 101 - Vocabulary Update

A need is...

• something you want to have because it's cool.

• something you must have to survive.

• something your mother wants you to have.

• something that grows on a tree.

Examples of goods are...

• movies, taxis, nannies, and doctors.

• candy, ice cream, pizza and donuts.

• cars, bananas, phones, and eye glasses.

• marks of 80% or higher.

Check off all the goods produced in Kuwait. (You may need to check more than one answer.)

• ships

• petrochemicals

• oil

• lettuce in green houses.

Importing means...

• to sail across the ocean.

• to send goods out of a country.

• to bring home dinner.

• to bring goods into a country.

Exporting means...

• to send your children to school in Canada.

• to send goods out of a country.

• to drive your nanny home.

• to bring goods into a country.

When one country buys goods from another country, that is called...

• barter.

• trade.

• good business.

• nationalism.

I have lots of forests but I can't make paper. You make paper but don't have a lot of trees. So, we trade the wood from the forest for paper. This is an example of...

• poor planning.

• interdependence.

• supply & demand.

• economies of scale.

If you spend your money on a new phone then you can't spend it on a new sweater. This is an example of...

• supply & demand.

• being poor.

• opportunity cost.

• trade.

Human resources are...

• our hands and feet for producing goods.

• skills or knowledge that people have that can be used in an economy.

• slaves as they are free labour.

• tasty treats for hungry aliens.

Check off all the examples of natural resources:

• forests

• oil

• money

• fish