Are You Smarter than a Fifth Grader?

Welcome to the Econ Challenge

ECON Challenge $ Wants Needs Goods Resources Services Production $ $50.00 $25.00 $10.00, $5.00 $1.00

Goods - $ In the book, The Big Green Pocketbook, the little girl’s mother bought many things she wanted. Name one good that she bought. Identify the main resources used in its production. In the book, The Big Green Pocketbook, the little girl’s mother bought many things she wanted. Name one good that she bought. Identify the main resources used in its production.

Goods- $ The little girl’s mother bought a diamond ring. It is produced by a jeweler who combined diamonds (natural resource) with gold to produce a ring.

Services - $ In the book, The Big Green Pocketbook, the little girl’s mother also met several people who provided different services. Name one service that she bought. Identify the human resource who provided this service. In the book, The Big Green Pocketbook, the little girl’s mother also met several people who provided different services. Name one service that she bought. Identify the human resource who provided this service.

Services- $ Her mother went to a restaurant. The waitress was the human resource who provided a service of bringing her food. –OR- The jeweler was the human resource who provided the service of selling the diamond ring to her mother. Her mother went to a restaurant. The waitress was the human resource who provided a service of bringing her food. –OR- The jeweler was the human resource who provided the service of selling the diamond ring to her mother.

Resources - $50.00 If a jeweler uses the natural resources of gold and diamonds to produce a beautiful ring, what capital resources were used in its production?

Resources - $50.00 / The special tools that the jeweler used to produce the ring would be the capital resources.

Services - $50.00 If goods are things that people make or grow that satisfy economic wants, then what are services? Give 3 characteristics that distinguish services from goods.

Services - $50.00 A service can be identified by these 3 characteristics: 1-It is an action (job) that people do for each other. 2- It is something that you cannot touch or hold. 3- It is consumed at the instant it is provided. / A service can be identified by these 3 characteristics: 1-It is an action (job) that people do for each other. 2- It is something that you cannot touch or hold. 3- It is consumed at the instant it is provided. /

Resources - $25.00 Which of the following are not capital resources? a) Roads e) Chalk b) Bridges f) Glue c) Factories g) Teachers d) Lumber h) Machinery / Which of the following are not capital resources? a) Roads e) Chalk b) Bridges f) Glue c) Factories g) Teachers d) Lumber h) Machinery /

Resources - $25.00 g) Teachers They are human resources. g) Teachers They are human resources.

Resources - $25.00 Natural resources are the gifts of nature that can be used to produce goods or services. Which one is not a natural resource? Tell why. a) Trees d) Water g) Cows b) Sunshine e) Plants h) Roads c) Soil f) Oil i) Coal Natural resources are the gifts of nature that can be used to produce goods or services. Which one is not a natural resource? Tell why. a) Trees d) Water g) Cows b) Sunshine e) Plants h) Roads c) Soil f) Oil i) Coal

Resources - $25.00 / / h) Roads / Roads are made by people. / / h) Roads / Roads are made by people.

Resources- $10.00 Human resources are people who do physical or mental work to produce goods or services. Which one is not a human resource? Explain. a) Bus drivers d) Chemistry b) Carpenters e) Banker c) Dentists f) Lawyer Human resources are people who do physical or mental work to produce goods or services. Which one is not a human resource? Explain. a) Bus drivers d) Chemistry b) Carpenters e) Banker c) Dentists f) Lawyer

Resources – $10.00 / d) Chemistry / Chemistry is not a human. Chemists would be the people who study chemistry. / d) Chemistry / Chemistry is not a human. Chemists would be the people who study chemistry.

Wants - $5.00 People want many things. Which one would be classified as a need instead of a want? Explain your answer. a) Sneakers d) Air b) Vacation e) Car c) Birthday party f) Cell phone People want many things. Which one would be classified as a need instead of a want? Explain your answer. a) Sneakers d) Air b) Vacation e) Car c) Birthday party f) Cell phone

Wants - $5.00 / / d) Air / People need air to breathe or they die. / / d) Air / People need air to breathe or they die.

Needs - $5.00 Name three needs that all humans have.

Needs - $5.00 / Any three of the following can be named. Air, water, food, shelter / Any three of the following can be named. Air, water, food, shelter

Production - $1.00 Complete this statement: ingredients + oven + ____ = Pizza Complete this statement: ingredients + oven + ____ = Pizza

Production - $1.00 Complete this statement: ingredients + oven + chef = Pizza Don’t forget the human resource who makes the pizza. Complete this statement: ingredients + oven + chef = Pizza Don’t forget the human resource who makes the pizza.

Production - $1.00 Complete this statement: Lumber + _____ + carpenter = House Complete this statement: Lumber + _____ + carpenter = House

Production - $1.00 Complete this statement: Lumber + Hammer/Nails + carpenter = House Must have these capital resources to hold the house together. Complete this statement: Lumber + Hammer/Nails + carpenter = House Must have these capital resources to hold the house together.

Thanks for Playing / ECON Challenge / You Are Smarter than a Fifth Grader! / ECON Challenge / You Are Smarter than a Fifth Grader!

Reference Montgomery County Public Schools. (2001). Economics and geography- where you live. In I. Office of Instruction and Program Development (Ed.), Third Grade Social Studies (pp. 1-32). Rockville, MD: Montgomery County Public Schools. Gallagher, B. (Photographer). (n.d.). Powerpoint game template. [Print Photo]. Retrieved from Montgomery County Public Schools. (2001). Economics and geography- where you live. In I. Office of Instruction and Program Development (Ed.), Third Grade Social Studies (pp. 1-32). Rockville, MD: Montgomery County Public Schools. Gallagher, B. (Photographer). (n.d.). Powerpoint game template. [Print Photo]. Retrieved from