Economy of mi
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Economy of mi






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Economy of mi Presentation Transcript

  • 1. Economy of Michigan
    Book 2
  • 2. scarcity
    Not enough of something so people have to make choices.
    Example: You don’t have enough money for shoes and a video game, you have to choose 1.
  • 3. Limited resources
    There are only certain amounts of resources.
    Human, natural and capital.
    We don’t have an unlimited supply.
  • 4. Unlimited wants
    There is no end to the number of things people want and need.
    We all want more than we have or get.
  • 5. Opportunity cost
    When you make a choice, your opportunity cost is the thing you gave up.
    You also really want the thing you give up.
  • 6. Incentive
    Something used to get people to buy or produce a certain good or service.
    Examples: Sales, rebates, prizes
  • 7. Economic activities
    Different ways people use resources to produce goods and services
    Examples: farming, mining
  • 8. Manufacturing
    The making of goods in a factory
    Example: making cars
  • 9. Agriculture
    Another word for farming
    Raising corn, wheat, soy beans, asparagus
  • 10. Tourism
    An economic activity in which tourists visit an area and spend money
    Tourism is an important economic activity in Michigan
  • 11. Tourist
    A person who goes sightseeing and spends money in a place away from where he or she lives.
    Tourists visit our State Parks
  • 12. Research and development
    An economic activity where people produce ideas that lead to new or improved goods or services
    Research and development businesses often are located near universities and colleges
  • 13.
  • 14. Specialization
    When an individual, region or country produces certain kinds of goods or services.
    Cherries in MI
    Asparagus in Oceana County
    Specialization results in people producing fewer goods and services than they consume.
  • 15. Trade
    To exchange one thing for another.
    People trade money for goods or services
  • 16. Interdependence
    When people are dependent on other people in order to get the things they do not produce.
    When people specialize, they become more interdependent
  • 17. Export
    A good that people in one place send out to people in another place when they trade
    Cars are an important Michigan export
  • 18. Import
    A good that people from one place bring in from another place when they trade
    Bananas are a Michigan import
  • 19. Public goods and services
    Goods and services that are provided by a government
    Examples: State parks, state police, state highways
  • 20. Fees
    Something people pay to a government for being able to do a certain activity
    Camping fee at state park
    Fishing license fee
    Drivers license fee
  • 21. license
    A legal document giving you permission to do something
    Drivers license
  • 22. Fines
    What people pay to the government for breaking a rule or law
    Paying taxes late
  • 23. Taxes
    What people pay to the government in exchange for services like public schools and road repair
    Sales tax
    Income tax
    Property tax