Unit 3Bishop - 2012

Materials or substances that occur in nature and can be used for economic gain $$

Examples: Minerals Water Trees Fertile land / soil Oil

A resource that can be replenished or grow back in a short period of time

Examples: Sunlight Air Wind Ocean - waves

Any natural resource from earth that exists in limited supply and can’t be replaced if it is used up

Examples: Minerals Oil Coal

Small supply of something Not enough of something Shortage

When we use a resource we make sure the we do not use it all up or permanently damage it.

Ways to be sustainable:

Recycle Bike, bus, walk Save electricity Plant trees

Import – Goods or services bought from another country

Export – Goods and services sold to another country

Supply – Is the amount of

something that is available to sell

Demand – Is the number of

people who want it

Supply is how much of an item there is. For instance, if a store has 10 toy cars to sell, their supply is 10.

Demand is how many people want to buy something. If 10 people go to that store to buy one of those toy cars, everyone will get one?

What if 12 people want to buy the toys then what do you think that will do to the price? Up or Down?

Flower shops across the United States sell roses year round but every February the price increases just before Valentines Day. Why? Is the demand high or low?

Suppose a freeze killed half of the rose crop just before Valentines Day;

So the supply is up or down? Would this freeze effect the demand for

roses? how would this effect the price of roses? The price would go up or down? What other “industry” might this effect if half

of the roses die? Why?