Economics 1
Workers and their skills are called what?
Human resources
Things in nature that people find useful are called what?
Natural resources
Goods that are used to produce other goods or services are called what kind of resource?
Capital resource
If you don't have enough of something and you have to make choices, what are you experiencing?
Scarcity
What is it called when you exchange one thing for another?
Trade
What is the correct name for something that is your second choice, or the second thing you wanted most?
Opportunity cost
Import
Someone who combines natural, human, and capital resources to produce goods and services is called a what?
Entrepreneur
What is it called when a good from one place is being sent OUT to another place?
Export
Tell me the name of a famous entrepreneur from Michigan that we have learned about in our Economics unit.
Henry Ford
The study of how people use limited resources to produce good and services that people want or need is called what?
Economics
If I went to the store and they were out of Diet Coke because the factory ran out of supplies, what did I experience?
Scarcity
You go out to eat at a restaurant. You really wanted a cheeseburger, but the grill was broken. You chose pizza instead. Your choice of pizza is called what?
Opportunity cost
What is a tall tower with blades called that helps produce free electricity?
Wind turbine
A group of wind turbines located in one place is called a what?
Wind farm
What is the name of the car called that Henry Ford is famous for making?
The Model T
What is it called when people are dependent on other people in order to get the things they do not produce?
A. Interdependence
B. Trade
C. Import
D. Export
A. Interdependence
How are we able to buy oranges in Michigan when they are grown in Florida?
Please use import, export, and trade in your answer.
Oranges are imported from Florida. We export apples to Florida. We trade with each other.
What is the type of payment called that people have to pay to the government for breaking a rule or a law, like littering or speeding when you drive?
A fine
What is the type of payment called that people pay to a government in exchange for services like schools and road repair? You also pay this any time you make a purchase.
A tax
What did Henry Ford start in his factory that helped make it easier to make cars?
A. a factory
B. the Model T
C. an assembly line
D. lunch
C. an assembly line
What country is the United States' number one trading partner?
Canada
What made Henry Ford an entrepreneur?
A. He started his own business.
B. He used an assembly line to help make it easier and faster to make cars.
C. He combined natural, human, and capital resources to produce goods.
D. all of the above
D. all of the above
What country is the United States' SECOND trading partner?
What is the type of payment called that people pay to the government in exchange for being able to do a certain activity, like camping at a state park or renewing a driver's license?
A fee