3rd Grade Unit 2 Economics Study guide



. 1 194119510223500natural resourcesthings in nature that people find useful Example: Water, soil and trees are natural resources.SS030201)2economicsthe study of how people use limited resources to produce goods and services that people want or need.Example: In economics you study topics such as economic systems, trade, and production(SS030201)(SS030101)19151600003economyactivities related to making, trading and selling goods and 2364740-49720500services2192655-116078000Example: Making cars has been an important part of the economy of Michigan for a long time.(SS030201)4 capital resources2372995-342265001363980-50990500goods that are used to produce more goods and servicesExample: Factories and tools are capital resources.(SS030201)5 human resources2555875-87947500workers and their skills2598420-40005000Example: Truck drivers, doctors, and teachers are human resources.(SS030201)23247350006entrepreneursomeone who combines natural, human, and capital resources to produce goods or servicesExample: Henry Ford is an example of a Michigan entrepreneur.(SS030201)2233295-5524500 7 scarcitynot enough of something so people have to make choicesExample: Amy must choose how to use her scarce time. Should she ride her bike or do her homework.(SS030202)111125064135008 limited resources There are only certain amounts of resources.2439035-129984500Example: Individuals and businesses have limited resources.(SS030202)9unlimited wantsThere is no end to the number of things people want and need.Example: People have unlimited wants. (SS030202)10 opportunity cost2025650-154305001550670-62928500When you make a choice, your opportunity cost is the second thing you wanted most.Example: Mary chose pizza for lunch. Her second choice was a hot dog. The hot dog was her opportunity cost.(SS030202)11incentive1856105-50419000something used to get people to buy or produce a certain good or serviceExample: A sale is an example of an incentive.(SS030202)2060575400050012 economic activities22879058953500different ways people use resources and produce goods and services.Example: Farming and mining are economic activities.(SS030203)187388500013 manufacturingthe making of goods in a factoryExample: Manufacturing is an important economic activity of Michigan.(SS030203)14agriculture2176145-63309500another word for farmingExample: Agriculture is an important economic activity of Michigan (SS030203)15 tourism 2080895-46291500an economic activity in which tourists visit an area and spend money Example: Tourism is an important economic activity of Michigan. (SS030203)16tourist2290445-47053500a person who goes sight-seeing and spends money in a place away from where they liveExample: The tourist visited the park and bought a book about animals there. (SS030203)2027555152400017research and developmentan economic activity where people produce ideas that lead to new or improved goods and servicesExample: Research and development businesses often are located near universities and colleges. (SS030203)18 19532604826000specialization256540020828000when individuals, regions, and countries produce certain kinds of goods or services 2702560-104394000Example: Specialization results in people producing fewer goods and services than they consume. (SS030204)19 1388745000tradeto exchange one thing for anotherExample: People often trade money for goods.(SS03020420interdependencewhen people are dependent on other people in order to get the things they do not produceExample: When people specialize they become more interdependent.(SS030204)21 export1145540-804545001784350-401320002254885-55880000a good that people in one place send out to people in another place when they tradeExample: Cars are an important Michigan export. (SS030204)25190456223000 23wind turbinea tall tower with blades that makes use of wind to create electricityExample: Making and using wind turbines will probably be an important part of Michigan’s economic future. (SS03020524wind farma 2028190-72644000group of wind turbines in the same locationExample: Wind farms are being created in Michigan to provide electricity.(SS030205)17024352540000 25public goods and services2343150-38354000goods and services that are produced and provided by a governmentExample: State parks, state police, and state highways are some examples of public goods and services provided by Michigan. (SS030206)128714500026feessomething people pay to a government in exchange for being able to do a certain activityExample: People pay fees to the state of Michigan for camping and for a fishing license.(SS030206) 27license1611630-61341000a legal document giving you permission to do somethingExample: You need a license in order to drive in Michigan.(SS030206)1275715368300028fineswhat people pay to a government for breaking a rule or a lawExample: People pay fines to the state of Michigan for littering.(SS030206)1251585-628650029taxeswhat people pay to a government in exchange for services like schools and road repairExample: People pay sales taxes to the state of Michigan in exchange for services. (SS030206) ................
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