Business: Production and Consumption

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Business Production and Consumption

• Write On
• Grade 3

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Learner Expectation

• Content Standard 2.0
• Globalization of the economy, the explosion of
  population growth, technological changes and
  international competition compel students to
  understand, both personally and globally, the
  production, distribution, and consumption of
  goods and services. Students will examine and
  analyze economic concepts such as basic needs
  versus wants, using versus/saving money, and
  policy making versus decision making.
• Learning Expectations
• 2.03 Understand fundamental economic concepts.

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In this activity you will

• Learn about how our country produces,
  distributes, and uses goods and services.
• Write a paragraph to describe how producers and
  consumers work together to create the American
  economy.

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Our economy is made up of producers and consumers.
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Producer

• Producers make and sell products.

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In order to produce a good, producers must have

• Human Resources
• Capital Resources
• Raw Materials

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Human Resources

• Human resources are the people used in making the
  product.

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Capital Resources

• Capital is the money needed to run a business.

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Raw Materials

• Raw materials are natural resources.
• For instance, cotton is a raw material used in
  the production of clothing.

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Consumers

• Consumers buy products and services.
• When you shop at Wal-Mart, you are a consumer.

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Demand and Supply

• Consumers (shoppers) create a demand for goods
  according to their wants and needs.
• The amount of goods offered by a business is the
  supply.

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Additional Resources

• Click the following button to visit a website
  about automobile manufacturing.
• You may also want to visit the Trade Museum.

Click Here
Click Here
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Additional Resources

• Take the Robotics Quiz.

Quiz
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Sources

• Houghton Mifflin English
• http//www.eduplace.com/graphicorganizer/pdf/flow.
  pdf
• Harcourt Social Studies
• http//www.toyotageorgetown.com/vtour/vtour.asp
• http//library.thinkquest.org/3901/janis/superpage
  .htm?tqskip11
• http//www.occdsb.on.ca/proj4632/kidsrobotquiz.ht
  m

Writing Activity
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Writing Activity

• Write a paragraph to describe how producers and
  consumers work together to create the American
  economy.