Show:
Making Money
Moving and Needing Products
Michigan's Economy
Wants/Needs
Production
100
What people pay to a government for breaking a rule or law
What is a fine?
100
To exchange one thing for another (ex: exchange money for a good or service)
What is trade?
100
An economic activity in which tourists visit an area and spend money
What is tourism?
100
There is no end to the number of things people want and need.
What are unlimited wants?
100
Things in nature that people find useful (exs: water, soil, trees)
What are natural resources?
200
Something people pay to a government in exchange for being able to do a certain activity (ex: camping, fishing license)
What are fees?
200
A good that people in one place bring in from another place when they trade (MI exs: bananas, oranges)
What is import?
200
Another word for farming. This is the second most popular economic activity in MI.
What is agriculture?
200
There are only certain amounts of resources
What are limited resources?
200
Workers and their skills (exs: truck drivers, doctors, teachers)
What are human resources?
300
Goods and services that are produced and provided by a government (state parks, state police, roads, etc.)
What are public goods and services?
300
A good that people in one place send out to people in another place when they trade (MI ex: cars)
What is export?
300
The making of goods in a factory. This is the most popular economic activity in MI.
What is manufacturing?
300
Not enough of something so people have to make choices
What is scarcity?
300
Goods that are used to produce more goods and services (exs: factories, tools, machines)
What are capital resources?
400
What people pay to a government in exchange for services like schools and road repair.
What are taxes?
400
When people are dependent on other people in order to get the things they do not produce (remember our web we made with string?)
What is interdependence?
400
Different ways people use resources and produce goods and services (exs: farming, mining, manufacturing, tourism)
What are economic activities?
400
Something used to get people to buy or produce a certain good or service (ex: a sale)
What is an incentive?
400
Someone who combines natural, human, and capital resources to produce goods or services (MI ex: Henry Ford)
What is an entrepreneur?
500
A tall tower with blades that makes use of wind to create electricity (big part of MI's economic future?)
What is a wind turbine?
500
When individuals, regions, and countries produce certain kinds of goods or services
What is specialization?
500
An economic activity where people produce ideas that lead to new or improved goods and services.
What is research and development?
500
When you make a choice, this what you give up
What is opportunity cost?
500
The study of how people use limited resources to produce goods and services that people want or need
What is economics?