| Prices | ||
| #1 | The price of a product if consumers demand more of it would... | make the price go up |
| #2 | Why do theaters NOT allow you to bring in food and drinks, even though you may buy them inside? | The owners want you to buy food they sell inside. |
| #3 | What incentive has the MI government offered to people in order to increase recycling efforts? | They give 10 cents back for returned bottles or cans. |
| #4 | One year there was a freeze and this caused a decrease in the crop of cherries. This meant they could not make cherry syrup that year. What is the term for shortage of cherries? | Scarcity |
| #5 | One year there was an increase in demand for fudge due to increased tourism. Ali and Shayma wanted to open a bookstore but because of increased tourism they decided to learn how to produce fudge and open a fudge store instead. This is opportunity cost. Explain what opportunity cost is. | Opportunity cost was making fudge was the 2nd thing that Ali and Shayma wanted. |
| Store Economy | ||
| #1 | Machines and buildings used in production are ______________ resources. | Capital |
| #2 | Alia opened a store and was deciding on what flavors of fudge to make. She knew that cherries and blueberries were available, so she decided to make that kind of fudge. How is this an example of choice? | Alia was able to decide what consumers wanted to buy. |
| #3 | One year cherries were not available, so Alia used mostly blueberries in her fudge. So most customers were able to buy blueberry fudge at a lower price because it could be sold at a lower price. What does this show? | This shows that scarcity affects what we can buy in Michigan. |
| #4 | One example of a capital resource in a toy store is ____________? | This is a delivery truck. |
| #5 | More wind turbines are being built. Predict what may happen as a result of this? | This creates more jobs. |
| Human resources | ||
| #1 | What is a human resource? | A human resource is a person. |
| #2 | Our government uses state taxes to provide various goods and services for its citizens. What good would most likely be provided by our government? | State government provides roads. |
| #3 | Malak takes her drivers test from the SecreShe passes the test and is able to get what? | When you pass the drivers test you will get a license to drive. |
| #4 | James works for the Magic Company on Michigan Ave. What does the government get from his pay check? | He works and pays taxes to the government. |
| #5 | A new car company is starting. Name the 3 human resources need to run this company. | They need factory workers, designers, and enginerrs. |
| MI farming and manufacturing | ||
| #1 | This product is available in Michigan but comes from another country. It is ____________ |
The product is bananas |
| #2 | Name the main reason for so many farms in Michigan. |
They can sell the crops for money. |
| #3 | Name the best location for most services. |
It is in the city. |
| #4 | Name a reasonwhy car manufacturing companies are located near highways and rivers? |
It is easy to transport the goods they produce. |
| #5 | When people break state laws, they have to pay a fine to the state government. Why? |
The government needs to fund services and use some of the fines to pay for them. |
| Tourism | ||
| #1 | What is the main reason for tourist areas near lakes? |
There are many activities for people to do. |
| #2 | Why is it important for MI to trade with other states? |
So we can have other products that we cannot produce. It gives us a variety of products. |
| #3 | How does using Mi lakes by tourist make money? |
People visit and use the lakes and spend money at stores. |
| #4 | How do tourists make money for MI by visiting cities. |
They use hotels, restaurents, museums and stores which they pay for and make money for Michiganders. |
| #5 | Give 2 reasons how Michigan makes money from tourism either in the city or at our lakes. |
They visit and spend money on activites, hotels. shops and restaurents.. They pay to use places like The Henry and Greenfield Village. |
| Final Question | |
Name 4 human resources needed for a new car company. |
1. office people 2, janitors 3. factory workers 4. designers 5. engineers |