Economy
Standards:
4.G.1 Understand how human, environmental and technological factors affect the growth and development of North Carolina.
4.E.2 Understand the economic factors when making personal choices.
4.E.1 Understand how a market economy impacts life in North Carolina.
4.G.1 Understand how human, environmental and technological factors affect the growth and development of North Carolina.
4.E.2 Understand the economic factors when making personal choices.
4.E.1 Understand how a market economy impacts life in North Carolina.
1. Economy The way a country uses money and resources.
2. Producers People and firms that use resources to make goods and services.
3. Supply The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
4. Demand The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
5. Capital Resources Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
6. Price The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service
7. Productivity The amount of output (goods and services) produced per unit of input (productive resources) used.
8. Entrepreneur One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
9. Consumer People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
10. Income Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
11. Productive Resources Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.
12. Market Economy An economic system where free competition and prices are determined by the interaction of supply and demand.
13. Natural Resources "Gifts of nature" that can be used to produce goods and services
14. Human Resources The health, education, experience, training, skills and values of people. Also known as human capital.
15. Scarcity The condition that exists because human wants exceed the capacity of available resources to satisfy those wants.
16. Choice Decision made or course of action taken when faced with a set of alternatives.
Services Activities performed by people, firms or gov
2. Producers People and firms that use resources to make goods and services.
3. Supply The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time
4. Demand The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
5. Capital Resources Resources made and used to produce and distribute goods and services; examples include tools, machinery and buildings.
6. Price The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service
7. Productivity The amount of output (goods and services) produced per unit of input (productive resources) used.
8. Entrepreneur One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.
9. Consumer People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
10. Income Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
11. Productive Resources Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.
12. Market Economy An economic system where free competition and prices are determined by the interaction of supply and demand.
13. Natural Resources "Gifts of nature" that can be used to produce goods and services
14. Human Resources The health, education, experience, training, skills and values of people. Also known as human capital.
15. Scarcity The condition that exists because human wants exceed the capacity of available resources to satisfy those wants.
16. Choice Decision made or course of action taken when faced with a set of alternatives.
Services Activities performed by people, firms or gov