Resources
As we said earlier, the economy is the act of making goods and selling them. So before you can do that, you will need resources to make these goods to sell. A RESOURCE is something in a country that people can use many times to make money.
For example, our lemonade stand would need certain resources (lemons, water, and sugar) to make our product (the lemonade). Roll over the images below to see what these resources can become...
For example, our lemonade stand would need certain resources (lemons, water, and sugar) to make our product (the lemonade). Roll over the images below to see what these resources can become...
If a country was rich in wood resources, it could make and sell a lot of...
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If a country was rich in gold resources, it could make and sell a lot of...
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If a country was rich in gold resources, it could make and sell a lot of...
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Now that we know that countries' economies need resources to make products to sell, let's figure out how they sell them and buy some from other countries...