Trade
Goods/Services
Resources
Scarcity and Opportunity cost
Wants and needs
100
Sue exchanged $3.00 for a ticket to the movies. This is an example of what?
What is trade?
100

The production of a certain kind of good or services

What is specialization?

100

Would a scale at a grocery store be capital, human or natural resource?

What is a capital resource?

100

When there is not enough of a product

What is scarcity?

100

A lot of tourist areas are located near lakes.  (Why?)

What is there are lots of activities to do near lakes?

200
Which is most used for trade: food, money or toys?
What is money?
200
List 4 goods and services at an amusement park.
What are food, food vendors, ticket takers, ride workers, toys, gifts or prizes for games?
200

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?

200

Your 2nd choice in an economic decision is called

What is opportunity cost?

200
When do consumers need to make a choice?
What is when they can't have everything they want?
300
Why does the state of Michigan offer ten cents for returned pop bottles?
What is to give an incentive for people to recycle more?
300
Which of the following are good or services provided by the State of Michigan: roads, cars, shoes?
What are roads?
300

Machines and buildings are what kind of resource?

What are capital resources?

300

What happens to the price of a product if consumers demand more of it?

What is the price goes up?

300

Why are car manufacturing companies located near highways and rivers?

What is easier to transport the goods they produce?

400

Which of the following products can be purchased in Michigan but are not grown here: cherries, corn, wheat or bananas?

What are bananas?

400
How does the state of Michigan pay for the goods and services that it provides?
What is with taxes, fines and fees?
400

What HUMAN resources would be needed to start a car company?

What are factory worker, designers, engineers?

400

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?

400

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.

500
Agriculture is another word for farming. Michigan grows many kinds of fruits and veggies. What is the main reason for so many farms in Michigan?
What is to sell the crops for money?
500
Name 4 goods and services the state of Michigan provides?
What are roads, police, fire, teachers, driver's licenses?
500

What do you predict might happen as a result of more wind turbines being built in Michigan?

What is more jobs would be created?

500
Ann opened an ice cream store. She decided to make half the flavors cherry and blueberry. How is this an example of choice?
What is Ann was able to decide what consumers can buy?
500

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?

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