Unit 2- Economics

Farming is very important in Kentucky. Many people work on farms. They have to take care of animals, plant new crops, build fences and many other jobs on a daily basis.

Remember there are 4 factors of production: land, labor, capital, and entrepreneurship skills. What is an example of Labor for the farming industry?

• haircuts

• taking care of animals

• bull riding

Katie is a hair dresser in Kentucky. As a human resource, which good or service can she provide to the community?

• a new car

• corn

• hair cuts

Which picture is an example of a Natural resource?

• 
• 
• 

Maria is a brain surgeon. She went to college to learn all about the brain and how to perform surgery on it. Why is it important for people to specialize in services like Maria?

• when someone needs brain surgery, they need a doctor who knows all about brains

• doctors do not want to learn about the entire human body

• if Maria was not a brain surgeon, then there would be no brain surgeons in the whole world

Which of the following is an example of being a consumer?

• making brownies

• buying candy

• helping your brother

Many people want a turkey to cook on Thanksgiving, but the supply is starting to run low. Since many people still want one, the price of the turkeys will ______.

• Increase

• Stay the same

• Decrease

If Apple Juice costs $1.75 at kroger, $1.45 at Walmart, and $1.50 at Target. How much would you expect to pay at a different store?

• $1.60

• $5.00

• $3.24

People who use natural resources, human resources, and capital resources to make goods or provide a service are called what?

• Producers

• Goods

• Services

Which of the following is an example of a renewable resource?

• trees

• coal

• oil

Which of the following is an example of a non-renewable resource?

• sunshine

• water

• oil