K - 3rd Grade
Capital resources - Goods made by people and used to produce
other goods and services. Examples include tools, roads, bridges, factories,
machinery, glue, lumber, chalk, rope, textbooks, and workbooks.
Community services - Services provided in the community. Community
services may be provided by the government or by businesses.
Consumers - People who buy and use goods and services to satisfy
economic wants.
Economic decision - A choice to produce or consume a good or
a service. Because we cannot have everything we want, we have to decide
what we will choose and what we will give up.
Economic wants - Goods and services people would like to have.
Examples include food, clothing, a place to live, a bicycle, a toy, a
trip to an amusement park, and a birthday party.
Goods - Things that people make or grow that satisfy economic
wants. Examples include a house, a car, a toy, and an apple.
Human resources - People doing physical or mental work to produce
goods or services. Examples include teachers, cooks, bus drivers, and
carpenters.
Limited resources - Not having enough resources to produce all
the goods and services that people want.
Money - Something that is used to buy and sell resources, goods,
and services. Money is not a capital resource because it is not used
to produce goods or services.
Natural resources - Gifts of nature that can be used
to produce goods and services. Examples include trees, sunshine,
soil, water, plants, animals, oil, coal, and metals.
Opportunity cost - The next best (second-best) choice that is
given up when a decision (choice) is made. Example: Pedro is buying lunch
in the cafeteria. The choices are pizza, tacos, or a hot dog. Pedro likes
all three choices, but he can only have one. He chooses pizza. His opportunity
cost is his next best (second-best) choice, which is tacos.
Product - A good or service made with resources.
Production - The process of making a product, either a good or
a service.
Resources - Things that can be used to produce a good or a service.
Services - Actions (jobs) that people do for each other. A service
is something that you cannot touch or hold. A service is consumed at
the instant it is produced. Some services, such as firefighter, mayor,
police officer, and teacher are provided by the government. Other services,
such as plumber, dentist, and hair cutter are provided by businesses.
Specialized work - A job or a part of a job. Examples include
reading teacher, farmer, bricklayer, police officer, taxi driver, and
worker on an assembly line.
Taxes - Money paid to the government so it can provide some goods
and services.
Technology - Tools, machines, methods, and other things used
to perform activities. Examples include computers, televisions, telephones,
boats, airplanes, bridges, dams, roads, tractors, axes, shovels, assembly
lines and methods of farming. Technology changes over time and affects
the way we live, work, and play.
