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Graphic Organizer

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Word Cards

|61. consumer |62. producer |

| | |

|a person, company, or business that uses goods or services |a person, company, |

| |or business that makes goods or provides services for consumers |

| | |

| | |

|Example: When you buy things at a store you are acting as a consumer. | |

|(SS060107) |Example: When you make things to sell to other people you are acting as a|

| |producer. |

| | |

| |(SS060107) |

|63. goods |64. services |

| | |

|objects of value acquired and used by consumers |actions or activities an individual, company, or business provides for |

| |someone else |

| | |

| | |

|Example: Cars, cakes, and computers are examples of goods. |Example: Repairing cars is an example of a service. |

|(SS060107) | |

| | |

| |(SS060107) |

|65. distribution |66. production |

| | |

| |the process of making goods and services |

|moving goods and services directly to or near consumers | |

| | |

| |Example: An assembly line is used in the production of automobiles. |

|Example: Trucks, ships, and railroads are used for distribution. | |

|(SS060107) | |

| |(SS060107) |

|67. economy [pic] |68. factors |

| |of production |

|a system for producing, distributing, and consuming goods and services | |

| |the resources used to produce goods and services |

|Example: Banks, factories, and consumers all have a role in the economy. | |

| | |

|(SS060107) |Example: The factors of production are also called “productive |

| |resources.” |

| | |

| | |

| |(SS060107) |

|69. entrepreneur |70. natural (land) |

| |resources |

| | |

|one who takes risks, makes decisions, and organizes other productive | |

|resources to earn a profit |productive resources that occur in nature |

| | |

|Example: An entrepreneur is often someone who starts a business. |Example: Natural resources include water, soil, trees, and minerals. |

|(SS060107) | |

| | |

| | |

| |(SS060107) |

|71. labor (human) |72. capital resources |

|resources | |

| |machinery, tools, factories, stores, vehicles, etc. made by humans that |

|the abilities, talents, training, skills, and knowledge of people used in |are used to produce goods or services |

|the production of goods or services | |

| |Example: Tractors used to harvest crops are capital resources. |

|Example: Human resources may use physical or mental efforts. | |

|(SS060107) |(SS060107) |

IMPORTANT ECONOMIC TERMS

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USING ECONOMICS VOCABULARY

DIRECTIONS: Describe how you use economics by answering the following in complete sentences.

1. Describe at least 2 situations in which you are a consumer. _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

2. What are some goods you have used lately? (give at least 3)

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

3. What are some services you have used lately? (give at least 3)

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. How does economics affect you and your family?

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________________

ECONOMY CUT-AND-PASTE ACTIVITY

| | | |

|producing |economy |and |

| | | |

|system |and |distributing |

| | | |

|An | |goods |

| | | |

|is |consuming |a |

| | | |

|services | |for |

FACTORS OF PRODUCTION

Elements needed for production to occur

ILLUSTRATING THE FACTORS OF PRODUCTION

DIRECTIONS: Define each productive resource; include a colored illustration.

RESOURCES NEEDED FOR PRODUCTION

DIRECTIONS: You and your teammates are to choose one of the following products to design. Sketch your ideas on 8½” x 11” piece of white paper before drawing and coloring your final design. Complete the “RESOURCES NEEDED” section found below, and attach this sheet to your final design. Be creative!

CHOICE 1: CLOTHING DESIGN

Decide on one article of clothing to design. Discuss types of material(s), color(s), and basic design ideas, and then start your sketching. You may need to do several sketches before starting your final design.

CHOICE 2: SCHOOL SIGN DESIGN

Our school needs a new sign. Discuss lettering, logos, colors, size and style before starting to sketch. You may need to do several sketches before starting your final design.

RESOURCES NEEDED

1. Describe the human/labor resources (and the skills) needed to produce your product.

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________2. Describe the natural/land resources used to produce your product.

_________________________________________________________________________________________________________________________________________________________________________________

___________________________________________________________

___________________________________________________________

3. Describe the capital resources (machinery, tools, equipment, etc.) required.

_________________________________________________________________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. Describe your experience as an entrepreneur. What decisions did you, as business owners, have to make? What problems did you encounter? What do you have to do to make certain you are successful?

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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Dairy farming: The production and distribution of cheese

The pizza delivery business

Important economic terms

The definition of an economy

Thinking like an Economist

What is an economy?

Real-life economic examples

The factors of

production

Entrepreneur

Capital resources

Labor (human) resources

Natural (land) resources

Big Ideas of Lesson 7, Unit 1

1. An economy is a system for producing, distributing, and consuming goods and

services.

2. Consumers are individuals, companies, or businesses that use goods and

services.

3. Producers are individuals, companies, or businesses that make goods and

services.

4. Factors of production are used to produce goods and services.

5. The factors of production are entrepreneurship, natural (land) resources, labor

(human resources), and capital resources.

.

4. Mapmakers show Earth’s round surface on flat maps called projections.

5. Technology helps geographers understand Earth better.

6. Aerial photographs and satellite images provide current information about

Earth’s surface.

7. Geographic Information Systems (GIS) is computer-based mapping

technology which links geographical information to places.

______________

______________

______________

______________

______________

______________

ENTREPRENEUR

•

•

CAPITAL RESOURCES

•

•

LABOR (HUMAN) RESOURCES

•

•

•

NATURAL (LAND) RESOURCES

•

•

NATURAL

LABOR

CAPITAL

ENTREPRENEUR

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