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18 Cards in this Set

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