The production of a certain kind of good or services
What is specialization?
Would a scale at a grocery store be capital, human or natural resource?
What is a capital resource?
When there is not enough of a product
What is scarcity?
A lot of tourist areas are located near lakes. (Why?)
What is there are lots of activities to do near lakes?
Tell which kind of resources (human, capital or natural) for each of these: water, gift shop, cashier
What are water=natural, gift shop=capital and cashier=human?
Your 2nd choice in an economic decision is called
What is opportunity cost?
Machines and buildings are what kind of resource?
What are capital resources?
What happens to the price of a product if consumers demand more of it?
What is the price goes up?
Why are car manufacturing companies located near highways and rivers?
What is easier to transport the goods they produce?
Which of the following products can be purchased in Michigan but are not grown here: cherries, corn, wheat or bananas?
What are bananas?
What HUMAN resources would be needed to start a car company?
What are factory worker, designers, engineers?
I wanted to open a book store but I opened a fudge store I picked my second choice. What is this called?
What is opportunity cost?
We can buy Florida oranges in Michigan and Michigan cherries can be purchased in Florida. Why do we trade food with other states?
Different states grow different foods because of their climate. People want to eat different kinds of foods so we trade.
What do you predict might happen as a result of more wind turbines being built in Michigan?
What is more jobs would be created?
Michigan makes money from tourists visiting our state. Name 2 reasons why some one would want to visit a lake and a city in Michigan?
What is boating, swimming, or fishing and museums, shopping, local attractions like Mackinaw Island?