Resources and Trade — Answer Key
Part A: Fix the Sentence
Each sentence has an error. Rewrite it correctly on the line.
1. Fix the sentence:
A consumer is someone who makes goods and sells them to stores.
Corrected: A producer is someone who makes goods and sells them to stores. A consumer is someone who buys goods.
The corrected sentence is: "A producer is someone who makes goods and sells them to stores. A consumer is someone who buys goods." The error was wrong economics term: the original sentence "A consumer is someone who makes goods and sells them to stores." needed to be fixed.
2. Fix the sentence:
Gold is a renewable resource because miners can always find more of it underground.
Corrected: Gold is a nonrenewable resource because Earth has a limited supply and it cannot be replaced once it is mined.
The corrected sentence is: "Gold is a nonrenewable resource because Earth has a limited supply and it cannot be replaced once it is mined." The error was wrong classification: the original sentence "Gold is a renewable resource because miners can always find more of it underground." needed to be fixed.
3. Fix the sentence:
A computer at a business is a human resource because people use it.
Corrected: A computer at a business is a capital resource because it is a tool made by people to help produce goods or services.
The corrected sentence is: "A computer at a business is a capital resource because it is a tool made by people to help produce goods or services." The error was wrong resource type: the original sentence "A computer at a business is a human resource because people use it." needed to be fixed.
Part B: Fill in the Blank
Write the missing word or number on each line.
1. A person or company that makes goods to sell is called a producer.
A producer makes goods to sell, while a consumer buys them. The word "produce" means to make or create, so someone who makes goods is a producer.
2. Sunlight is a renewable resource because it will not run out.
Sunlight is renewable because the sun keeps shining and cannot be used up by people. Unlike oil or coal, renewable resources replace themselves naturally.
3. A nurse who cares for patients is an example of a human resource.
A nurse is a human resource because she is a person who uses her skills and knowledge to provide care. Human resources are the workers in an economy.
4. Fishing boats, nets, and freezers at a seafood company are all capital resources.
Boats, nets, and freezers are all capital resources because they are tools and equipment made by people to help catch and store fish for sale.
Part C: Short Answer
Answer each question in one or two complete sentences.
1. How do producers and consumers depend on each other?
Sample answer: Producers need consumers to buy the goods they make. Consumers need producers to create the goods and services they want.
A good answer includes: Producers need consumers to buy the goods they make. Consumers need producers to create the goods and services they want.
2. Give an example of how one product uses all three types of resources to get made.
Sample answer: Bread uses natural resources like wheat and water, human resources like farmers and bakers, and capital resources like tractors and ovens.
A good answer includes: Bread uses natural resources like wheat and water, human resources like farmers and bakers, and capital resources like tractors and ovens.