Economic Words
When I do a job and get paid I earn...?
When I go to the hair salon and pay for a hair cut, am I buying a good or a service?
service
Workers and their skills are what kind of resource?
Human Resource
This delicious, cold and creamy Michigan product is made in Hudsonville.
ice cream
Kelloggs Frosted Flakes are made here.
Battle Creek, Michigan
This occurs when there is not enough of something people want.
scarcity
When I go to McDonalds and buy a cheeseburger, am I a producer, consumer, or worker?
consumer
Things like water and trees are this type of resource.
natural resources
Several varieties of this bubbly soda is made in Detroit.
Faygo pop
When 4 people want a hat, but there are only 3 hats, this is an example of __________________.
scarcity
What you give up when you make a choice is called your __________________.
opportunity cost
goods
Robots, tools, and trucks are examples of this type of resource.
capital resources
Henry Ford started making these in Detroit many years ago.
cars
Traverse City, Michigan is known for growing this delicious red fruit.
cherries
When people are dependent on other people to do their job it is called ________________.
interdependence
When I set up a lemonade stand and sell lemonade, I am a consumer, producer, or resource?
producer
Copper, iron ore, trees, salt and limestone are all examples of this type of resource in Michigan.
natural resource
furniture!
Man-made things that are used in the production of goods and services are called _________________.
capital resources
The study of how people use their money to produce and consume goods and services is called...?
Economics
When I use my income to buy goods or services, I am a ______________.
consumer
A factory worker, construction worker, engineer and teacher are all examples of this type of resource.
human resource
When we went to Sarett this year, we used this type of product that is made in Michigan.
snowshoes!
Michigan selling apples to Florida and Florida selling oranges to Michigan is an example of ____________.
interdependence/specialization