1. ©A. Weinberg By Dr. Weinberg AN ECONOMICS LESSON on SOL 3.7 ©A. Weinberg

2. Have you ever bought something at a store? Have you ever made something and then sold it? If you can answer to either one of these questions, then you already know about Economics.

3. ©A. Weinberg Economics deals with… Let’s learn a bit about three important kinds of resources: natural, human, and capital resources. Money, Buying things, and selling things

4. ©A. Weinberg Everything that we use comes from somewhere. Most of the things we have, like the food we eat and the clothes we wear, come from stores. But, where do these things come from before they get to the stores?

5. ©A. Weinberg Many of the items that we use in our lives come from nature. Natural Resources are materials that come from nature, such as water soil wood coal

6. ©A. Weinberg Think about the paper you use to practice your handwriting or the wood furniture you have in your house. These things come from one kind of our natural resources – trees!

7. ©A. Weinberg Do you have a favorite sweater or blanket? Both of these items were probably knit by hand (and not made by a machine). The person who knits the sweaters and blankets is called a human resource.

8. ©A. Weinberg Human resources are people working to produce goods and services. Some people who are human resources are: babysitters waiters lawyers teachers police officers doctors

9. ©A. Weinberg Now you know that natural resources are materials that come from nature, and that human resources are people working to produce goods and services. Now let’s learn about capital resources.

10. ©A. Weinberg Capital resources are goods made by people and used to produce other goods and services. Machines, Tools, and Buildings … are examples of capital resources.

11. ©A. Weinberg The coal used to heat your home is an example of which kind of resource? Natural? Human? Capital? Put on your to answer these questions. Coal is a NATURAL RESOURCE!

12. ©A. Weinberg A farmer who works to grow corn to sell at the market is an example of which kind of resource? Natural? Human? Capital? The farmer is a HUMAN RESOURCE!

13. ©A. Weinberg Fannie W. Fitzgerald Elementary School is what kind of resource? Natural? Human? Capital? Our school building is A CAPITAL RESOURCE!

14. ©A. Weinberg All 3 of these resources and Capital Human, Natural, are used to produce goods and services.

15. ©A. Weinberg Goods are things that people make or use to satisfy needs and wants. Some examples of goods are: clothes, toys, food (like candy!), school supplies, and almost anything you use!!

16. ©A. Weinberg Services are activities that satisfy people’s needs and wants. I know that my customers really WANT their food!

17. ©A. Weinberg Decide if each of the following is a Good (thing) or a Service (activity)….. A Gameboy Advanced Someone babysitting An American Idol CD Someone building a house A pair of fuzzy slippers A teacher helping you after school Good Service

18. ©A. Weinberg People use resources to make goods and to provide services. For example, if you are going to have a lemonade stand, you need a few things before you can sell your lemonade.

19. ©A. Weinberg You need lemons, water, a pitcher to hold the lemonade, a place where you can sell the lemonade, and someone to sell it! Now you’re ready for business!

20. ©A. Weinberg You are now a producer – you made your lemonade and you are selling it from a lemonade stand. Producers are people who use resources to make goods and/or services.

21. ©A. Weinberg You are a producer. You used natural resources (lemons, water), human resources (yourself), and capital resources (your lemonade stand) to produce a good. What is the good you have produced?

22. ©A. Weinberg You used different kinds of resources to provide a good LEMONADE and a service SELLING THE LEMONADE

23. ©A. Weinberg In this lesson, we learned about: 3 kinds of resources…. Natural, human, and capital We also learned about producers. Producers provide…. Goods = thingsServices = activities

24. ©A. Weinberg Take a look around you and you will notice the different kinds of resources we use each day.