economics 6 th grade. producer people and/or companies which make and supply goods and services
TRANSCRIPT
productive resourcesProduction of goods
and services involves three
types of resourcesnatural resources (nature)
• pencil are trees/wood
human resources (labor)
• machine operator (human)
capital resources (capitol, labor)
(man-made -tools, machines, etc.)
• lathe
servicesServices are things you cannot holdbut that consumers want or need
that are produced in the economy.
Examples of services include teaching, medical services, and counseling.
specializationEfficiency is increased when businesses,
individualsor countries produce the goods and services atwhich they are best, leaving the production of
other goods to others.
Individuals specialize in jobs they do best too.
profitAfter producing & selling a good or service,
profit’s the difference between revenue & cost of production.
If costs are greater than revenue, profit is negative there’s a loss.
scarcity
Not being able to have everything wanted making necessary choices; when supply is less than demand.
supply The quantity of resources, goods, or services that sellers offer at various prices
at a particular time.
opportunity cost
In making a decision, the most valuable alternative not chosen.
http://chestercomix.com/test2/images/comix/opportunity-costs.gif
Contest DirectionsSelect one of the following concepts and in pencil draw a picture depicting the topic.
Write the topic somewhere on the front.• Producers & Consumers• Productive Resources (human, natural, capital)• Opportunity Costs• Scarcity• Goods and Services• Specialization• Supply and Demand
Make your poster on a regular blank sheet of paper.On the BACK of the paper, in pencil write:• Student name (first and last)• 6th Grade• Roesland Elementary • 4900 Parish Drive, Roeland Park, KS 66205• Michelle Tapko• [email protected]