Social Studies Maryland's Resources 5-17

Social Studies Maryland's Resources 5-17

Objective

WE WILL:

- Define the difference between a need and a want.

-List how the Chesapeake Bay served as a boost to Maryland’s economy

-Explain the effects of economic choices

WHAT IS ECONOMY

What does economy even mean?

The wealth and resources of a country.

So…. our economy for Maryland revolves around the money we have, the goods and services we have to sell and buy and produce.

Multiple Choice

Economy is ______

• Wealth of the country

• Resources of a country

• Money & goods the country has

• All of the above

Maryland's greatest resource

What is Maryland’s greatest resource that provides us with services, food, entertainment, and transportation?

THE CHESAPEAKE BAY !

Outlet to the Atlantic Ocean for trading with colonists Source of oysters, crabs, fish

Tourists - Shopping - Museums

Supply and Demand

The cost of an item depends on the supply (how many are available) and the demand (how many want it).

Within the area of demand, you run into situations of scarcity (not enough), shortage (not enough right now), and abundance (have too many).  

When we add all of those factors together, we create an economic factor - only one of many factors that influence the value of a business

Multiple Choice

How many goods are available is the

• Supply

• Demand

• Needs

Multiple Choice

How many people want the goods is______

• Supply

• Demand

Multiple Choice

Scarcity mean____

• There is not enough

• Supply

• Demand

• abundance

Multiple Choice

Abundance means____

• Having less products than people want

• Having more products than people want

• Cost of an item

• Supply

Multiple Choice

Resource: could be money, a person, or a natural product that can be used to meet needs.

• True

• False

Multiple Choice

The cost of an item depends on

• Supply

• Demand

• Supply and demand