Copy of Econ Intro Vocab Activity (F21)

Economics Intro Vocabulary Activity
1. In your In-class activities/notes (ICAN) documents (as your 1st entry) please use
this reading (The Economic Problem) to fill out a vocab chart. Please create a three (+) column
chart, where the left hand column you write the textbook’s definition of the term, the middle
column you write out YOUR paraphrased version of the definition, and the right hand column
you insert an image that yo/
U
,.l;/p9’0{O_
}+ feel represents/symbolizes that term/definition (DO NOT use graphs for any of your
i’?ages). You can copy and paste the grid/chart below or create your own in your ICAN
doc./
Term Textbook Definition YOUR Definition Image (METAPHORICAL

or examples)
scarcity A condition facing The concept that there

society because there are limited resources
are not enough means that some
resources to face people don't get what
people's unlimited they want.
wants
productive The inputs used to It is some of the things

resources/factors of produce goods and people use to make
services that people goods and services.
production
want
economics The study of how It is the study of how

people use their some people use
scarce resources to money and buy stuff to
satisfy their unlimited satisfy their needs and
needs. how they maintain
themselves.
labor The physical and They are the people

mental effort used to who use their physical
produce goods and and mental energy and
services skills to create goods or
services
entrepreneur/entrepreneur A profit-seeker who A person starting a
ship develops a new business to create new
product or process products or services
and assumes the risk while knowing and
of profit or loss accepting the risk of
getting profitt or just
loss of profit
natural resources (“land”) So called gifts of It is the resources like

nature wich include minerals wood land
renewable and itself and things that
expendable resources come from nature
goods An item that you can Any physical product

see, feel, and touch that you can touch, and
that requires scarce see.
resources to make
which satisfies human
needs
capital goods All human creations Any product made to

made to produce gods create even more
or services like products, goods and
factories trucks and services.
machines.
service Something that is not It is something that

physical and needs people do that satisfies
scarce resources to human needs by an act
produce and it wich takes resources
satisfies human needs like fixing your car
Product Any good OR service The good or service

that can be sold and that is being sold to the
fulfills a want/need. customer
Opportunity Cost The value of the best It is the cost and the
Use this separate reading alternative passed up for benefits of a choice
the chosen item or over the other one
to get this definition:
activity.
(Opportunity Cost
Reading.)
2. In your teams of 4 choose four terms and on a SHEET of paper write out YOUR
definition for each term and create an illustration/drawing representing the main idea of
that term.
● NO Graphs for illustrations!
● Put all work on ONE side of the paper.
● Put everyone’s names on the back of the paper.
● Write your name next to the work you do.
* Bonus if you add color!

**Extra credit if you can explain how this connects to current events (?. ;nl”{<M>
?/}
{:
Entry Number 2
A product that many people have is phone wich even if it is smal it akes many resources
like copper lithium aliminium ETC but als they need people who know how to do the
wiring people that know how to build them and many other things as they also need people
to est them but then they will need factories and many different kinds of machinery like
CNC robotic machines but as well they will need someone who will take the risk of losing
his/her money or winning even more than what they had before.
Entry Number 2
Option 1 not do my homework in the moment I get it

Benefits Costs
I would be able to rest and have some free I would have to rush through my homework if
time for myself. I get too caried away and try to wait until las
minute.
Option 2 do my homework immediately

Benefits Costs
I would have more free time on the long run I would have to do my homework earlier than
and would not have to worry too much. needed and not being able to have free time
sooner.
I choose option 2 because it has more benefits than option 1 wich would lead me to be
extremely stressed later on so by choosing option 2 I lost the opportunity to experience
option 1 wich would lead to be really relaxed by at the end I would be extremely stressed
and would not be able to calm down unless I finish my homework

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Economics Intro Vocabulary Activity

Term Textbook Definition YOUR Definition Image (METAPHORICAL

scarcity A condition facing The concept that there

productive The inputs used to It is some of the things

economics The study of how It is the study of how

labor The physical and They are the people

natural resources (“land”) So called gifts of It is the resources like

goods An item that you can Any physical product

capital goods All human creations Any product made to

service Something that is not It is something that

Product Any good OR service The good or service

* Bonus if you add color!

Option 1 not do my homework in the moment I get it

Option 2 do my homework immediately

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