Goods, Services, Scarcity, Taxes & Opportunity Cost
Types of Resources
Economic Vocabulary Words
Trading Michigan Products
Wind Farms and Other Michigan Products
100
Is forgetting my glasses at home an example of scarcity?
No
100
A tree is an example of which type of resource
Natural Resource
100
When there isn't enough of something, we call this
Scarcity
100
Which country is Michigan's leading trade partner?
Canada
100
When there are more than one wind turbine, what is this called?
A wind farm
200
What is a good?
Something that is made to sell or trade (ex: book, computer, cupcake)
200
The people who sell the clothes at Kohls are what type of resource
Human Resource
200
The people who make a good or provide a service are called
producers
200
What is Michigan's second leading trade partner?
Mexico
200
What is Michigan most known for producing?
Cars or automobiles
300
What is a service?
Someone who does something for you (ex: banker, teacher, barber)
300
An electrician needs wire cutters and other tools in his tool box. What type of resource does he need?
Capital resources
300
The people who buy goods or services are called
consumers
300
Why is Canada Michigan's leading trade partner?
Because they are the closest country to us
300
Why is Michigan a good place to build wind turbines, and have wind farms?
Because Michigan receives a lot of wind off the Great Lakes.
400
Susie went to the store to buy a new outfit. She can only afford one new pair of shoes. Susie decides to buy the black boots instead of the sneakers. What was Susie's opportunity cost?
The sneakers
400
A baker needs an oven to make her treats, what type of resource is an oven?
A capital resource
400
When you go to the store and can only buy one toy, the toy you cannot buy is called your....
opportunity cost
400
Where do we get potatoes?
Idaho
400
What are 3 different Michigan products?
Sample Answers: Jiffy Mix, Automobiles, Vlasic Pickles, Faygo Pop, Kellogg's Cereal
500
You have received your first paycheck. You notice that their was some money taken out of your check for taxes. What do your state taxes help with?
state parks, repair of roads and highways, bridge repairs, state museums, police departments, fire departments, schools, etc
500
A wind turbine factory does nto have enough workers to make the motors for the turbines. What resource are they lacking?
Human
500
How are specialization and interdependence related?
The more people specialize in one area, then the more they depend on other people for their needs.
500
Where do we get strawberries
California
500
What are 3 reasons why wind farms are good for Michigan's Economy?
1) creating wind farms means creating more jobs 2) building wind farms can reopen old factories and provide more jobs 3) wind is a free natural resource that will never run out 4) wind farms produce electricity that can be used in homes and factories 5) wind farms do not pollute or endanger the environment
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