mini society review questions and answers
DESCRIPTION
Georgia Third Grade Mini-Society VocabularyTRANSCRIPT
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Mini-SocietyQuestions and Answers
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What is a consumer?Someone who buys or uses goods.
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What is a producer?
Someone who makes or sells goods.
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What are needs?
Things that a consumer must have to stay alive.
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What are wants?
Things that makes a consumers life easier or more fun.
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What are goods?
Objects a consumer buys or sells; these objects can be held or touched.
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What are services?Work that one consumer does for another; services
cannot be held or touched.
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What is the meaning of supply?
How much of a good or service is available to be bought or traded.
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What is a demand?How much of a good or service is wanted/needed by
consumers.
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What are taxes?Fees citizens pay to local, state, and
national government.
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What is income? Money people earn for providing goods or services to
consumers.
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What does it mean to trade?
To exchange goods or services between consumers.
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What is currency?
Any kind of money that people in a country use for trade.
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What is a budget?
A plan for using money or income.
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What is scarcity?A lack of goods or services; not enough for
everybody. You are not able to meet all the needs or wants of the consumers.
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What is opportunity Cost?What you have to give up to get something.
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What is an entrepreneur.A person who takes a risk or chance and starts a
business.
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What are capital resources?
Things made by people that help workers make goods or provide services.
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What are human resources?
The skills, knowledge, and hard work that people bring to their jobs.
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What are natural resources?
Things found in nature that are useful to people.
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What is a marketplace?Where people buy and sell goods.