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18 Cards in this Set
- Front
- Back
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What is used to produce other goods and services?
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machines, buildings, and tools.
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What is economic interdependence?
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two or more people or groups depending on each other for goods and services.
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What are some examples of materials that come from nature?
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water, soil, coal, and wood.
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What are the three types of economic resources?
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Human, natural and capital resources.
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What is economic specialization?
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Focusing on one product or service.
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What are human resources?
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People working to produce goods and services.
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What are producers?
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People who use resources to make goods and/or provide services.
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What are capital resources?
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Goods made by people and used to produce other goods and services. (machines, tools, buildings).
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What are natural resources?
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Materials that come from nature (water, soil, wood, and coal).
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What are services?
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Activities that satisfy people's needs and wants.
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What are goods?
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Things that people make or use to satisfy needs and wants.
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How are producers of goods and services influenced?
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By both consumer demand and by natural, human, and capital resources.
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How did the Greeks and Romans use economic interdependence?
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They traded their goods with Egypt and other nearby communities.
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How does consumer demand and available resources influence the producers of goods and services?
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If an item or good is in demand by consumers, then producers will produce a lot of that item in order to make money.
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How does Virginia practice interdependence?
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We sell our coal to other countries but we depend on other countries for oil.
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How does Virginia practice economic specialization?
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Virginia is known for its expertise in shipbuilding.
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How did Ancient Greece and Rome practice economic specialization?
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They focused on building ships, farming, and making pottery.
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What is another way to say, human resources?
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People at work.
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