1. Unit 3 Bishop - 2012

2.  Materials or substances that occur in nature and can be used for economic gain $$  Examples:  Minerals  Water  Trees  Fertile land / soil  Oil

3.  A resource that can be replenished or grow back in a short period of time  Examples:  Sunlight  Air  Wind  Ocean - waves

4.  Any natural resource from earth that exists in limited supply and can’t be replaced if it is used up  Examples:  Minerals  Oil  Coal

5.  Small supply of something  Not enough of something  Shortage

6.  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

7.  Import –  Goods or services bought from another country  Export –  Goods and services sold to another country

8.  Supply –  Is the amount of something that is available to sell  Demand –  Is the number of people who want it

9.  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?

10.  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?