Notes : People as Resource Class 8 Notes | EduRev

Class 8 : Notes : People as Resource Class 8 Notes | EduRev

 Page 1


Shirley Wilborne 1 
Page 2


Shirley Wilborne 1 Shirley Wilborne 2 
Resources are used to produce goods and services. 
Producers of goods and services are influenced by natural, 
human, and capital resources. 
How do producers use natural, human, and capital resources to 
produce goods and services?  
Terms to know 
 Natural resources: Materials that come from nature (water, soil, wood, 
coal) 
  Human resources: People working to produce goods and services 
  Capital resources: Goods made by people and used to produce other 
goods and services (machines, tools, buildings) 
 Producers: People who use resources to make goods and/or provide 
services  
 Goods: Things that people make or use to satisfy needs and wants 
 Services: Activities that satisfy people’s needs and wants 
 
The student will explain how producers use natural resources (water, soil, wood, and 
coal), human resources (people at work), and capital resources (machines, tools, and 
buildings) to produce goods and services for consumers. 
Page 3


Shirley Wilborne 1 Shirley Wilborne 2 
Resources are used to produce goods and services. 
Producers of goods and services are influenced by natural, 
human, and capital resources. 
How do producers use natural, human, and capital resources to 
produce goods and services?  
Terms to know 
 Natural resources: Materials that come from nature (water, soil, wood, 
coal) 
  Human resources: People working to produce goods and services 
  Capital resources: Goods made by people and used to produce other 
goods and services (machines, tools, buildings) 
 Producers: People who use resources to make goods and/or provide 
services  
 Goods: Things that people make or use to satisfy needs and wants 
 Services: Activities that satisfy people’s needs and wants 
 
The student will explain how producers use natural resources (water, soil, wood, and 
coal), human resources (people at work), and capital resources (machines, tools, and 
buildings) to produce goods and services for consumers. 
Shirley Wilborne 3 
The student will recognize the concepts of specialization (being an expert in one job, 
product, or service) and interdependence (depending on others) in the production of goods 
and services (in ancient Greece, Rome, the West African empire of Mali, and in the present). 
Economic specialization and interdependence existed in the production of 
goods and services in the past and exist in our present-day communities. 
What is economic specialization? 
What is economic interdependence? 
How did economic specialization and 
interdependence exist in ancient 
Greece, ancient Rome, and the empire 
of Mali? 
Does economic interdependence exist 
in our present day community? 
Terms to know 
Economic specialization: Focusing on one product or service 
Economic interdependence: Two or more people depending on 
each other for goods and services.  Economic specialization 
occurs when people focus on the production of selected kinds 
of goods and services.  Economic specialization and 
interdependence of communities in the past 
Ancient Greece and Rome both focused on building ships, 
farming, and making pottery. (Specialization) 
Greeks and Romans traded their goods with Egypt and other 
nearby communities. (Interdependence) 
In the empire of Mali, some people specialized in protecting 
the empire, while others specialized in growing food for the 
empire. (Specialization) 
The people of Mali traded (gold for salt) with other people.  
(Interdependence) 
Economic specialization and 
interdependence in the present    
Virginia is known for its expertise in 
shipbuilding. (Specialization)    
 
Virginia sells its coal to other 
countries but depends on other 
countries for oil. (Interdependence)  
Page 4


Shirley Wilborne 1 Shirley Wilborne 2 
Resources are used to produce goods and services. 
Producers of goods and services are influenced by natural, 
human, and capital resources. 
How do producers use natural, human, and capital resources to 
produce goods and services?  
Terms to know 
 Natural resources: Materials that come from nature (water, soil, wood, 
coal) 
  Human resources: People working to produce goods and services 
  Capital resources: Goods made by people and used to produce other 
goods and services (machines, tools, buildings) 
 Producers: People who use resources to make goods and/or provide 
services  
 Goods: Things that people make or use to satisfy needs and wants 
 Services: Activities that satisfy people’s needs and wants 
 
The student will explain how producers use natural resources (water, soil, wood, and 
coal), human resources (people at work), and capital resources (machines, tools, and 
buildings) to produce goods and services for consumers. 
Shirley Wilborne 3 
The student will recognize the concepts of specialization (being an expert in one job, 
product, or service) and interdependence (depending on others) in the production of goods 
and services (in ancient Greece, Rome, the West African empire of Mali, and in the present). 
Economic specialization and interdependence existed in the production of 
goods and services in the past and exist in our present-day communities. 
What is economic specialization? 
What is economic interdependence? 
How did economic specialization and 
interdependence exist in ancient 
Greece, ancient Rome, and the empire 
of Mali? 
Does economic interdependence exist 
in our present day community? 
Terms to know 
Economic specialization: Focusing on one product or service 
Economic interdependence: Two or more people depending on 
each other for goods and services.  Economic specialization 
occurs when people focus on the production of selected kinds 
of goods and services.  Economic specialization and 
interdependence of communities in the past 
Ancient Greece and Rome both focused on building ships, 
farming, and making pottery. (Specialization) 
Greeks and Romans traded their goods with Egypt and other 
nearby communities. (Interdependence) 
In the empire of Mali, some people specialized in protecting 
the empire, while others specialized in growing food for the 
empire. (Specialization) 
The people of Mali traded (gold for salt) with other people.  
(Interdependence) 
Economic specialization and 
interdependence in the present    
Virginia is known for its expertise in 
shipbuilding. (Specialization)    
 
Virginia sells its coal to other 
countries but depends on other 
countries for oil. (Interdependence)  
Shirley Wilborne 4 
The student will identify examples of making an economic choice and will 
explain the idea of opportunity cost (what is given up when making a choice).  
People make choices because they cannot have everything they want. 
  
All choices require giving up something (opportunity cost).  
Why does an economic choice involve giving up something else?  
Terms to know 
Economic choice: The choice 
of or decision among 
alternatives or possibilities 
Opportunity cost: The next 
best choice that is given up 
when a decision is made 
Economic decision-making requires 
comparing both the opportunity 
cost and the monetary cost of 
choices with benefits. 
Choices 
 
Choices 
made 
 
Choices given up 
(opportunity 
cost) 
 
Ice cream 
or popcorn 
 
Ice cream 
 
Popcorn 
 
Toy or 
favorite 
video 
Favorite 
video 
 
Toy 
 
Spend now 
or save for 
the future 
 
Spend now 
 
Save for the 
future 
 
Economic Choices  
Page 5


Shirley Wilborne 1 Shirley Wilborne 2 
Resources are used to produce goods and services. 
Producers of goods and services are influenced by natural, 
human, and capital resources. 
How do producers use natural, human, and capital resources to 
produce goods and services?  
Terms to know 
 Natural resources: Materials that come from nature (water, soil, wood, 
coal) 
  Human resources: People working to produce goods and services 
  Capital resources: Goods made by people and used to produce other 
goods and services (machines, tools, buildings) 
 Producers: People who use resources to make goods and/or provide 
services  
 Goods: Things that people make or use to satisfy needs and wants 
 Services: Activities that satisfy people’s needs and wants 
 
The student will explain how producers use natural resources (water, soil, wood, and 
coal), human resources (people at work), and capital resources (machines, tools, and 
buildings) to produce goods and services for consumers. 
Shirley Wilborne 3 
The student will recognize the concepts of specialization (being an expert in one job, 
product, or service) and interdependence (depending on others) in the production of goods 
and services (in ancient Greece, Rome, the West African empire of Mali, and in the present). 
Economic specialization and interdependence existed in the production of 
goods and services in the past and exist in our present-day communities. 
What is economic specialization? 
What is economic interdependence? 
How did economic specialization and 
interdependence exist in ancient 
Greece, ancient Rome, and the empire 
of Mali? 
Does economic interdependence exist 
in our present day community? 
Terms to know 
Economic specialization: Focusing on one product or service 
Economic interdependence: Two or more people depending on 
each other for goods and services.  Economic specialization 
occurs when people focus on the production of selected kinds 
of goods and services.  Economic specialization and 
interdependence of communities in the past 
Ancient Greece and Rome both focused on building ships, 
farming, and making pottery. (Specialization) 
Greeks and Romans traded their goods with Egypt and other 
nearby communities. (Interdependence) 
In the empire of Mali, some people specialized in protecting 
the empire, while others specialized in growing food for the 
empire. (Specialization) 
The people of Mali traded (gold for salt) with other people.  
(Interdependence) 
Economic specialization and 
interdependence in the present    
Virginia is known for its expertise in 
shipbuilding. (Specialization)    
 
Virginia sells its coal to other 
countries but depends on other 
countries for oil. (Interdependence)  
Shirley Wilborne 4 
The student will identify examples of making an economic choice and will 
explain the idea of opportunity cost (what is given up when making a choice).  
People make choices because they cannot have everything they want. 
  
All choices require giving up something (opportunity cost).  
Why does an economic choice involve giving up something else?  
Terms to know 
Economic choice: The choice 
of or decision among 
alternatives or possibilities 
Opportunity cost: The next 
best choice that is given up 
when a decision is made 
Economic decision-making requires 
comparing both the opportunity 
cost and the monetary cost of 
choices with benefits. 
Choices 
 
Choices 
made 
 
Choices given up 
(opportunity 
cost) 
 
Ice cream 
or popcorn 
 
Ice cream 
 
Popcorn 
 
Toy or 
favorite 
video 
Favorite 
video 
 
Toy 
 
Spend now 
or save for 
the future 
 
Spend now 
 
Save for the 
future 
 
Economic Choices  
Shirley Wilborne 5 
Natural 
resources 
Materials that come 
from nature 
(water, soil, wood, coal) 
Read More
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