Michigan's Economy

goods that are used to produce more goods and services

• human resources
• capital resources
• natural resources

workers and their skills

• human resources
• capital resources
• natural resources

things in nature that people find useful (to make other goods or provide services with)

• human resources
• capitol resources
• natural resources

someone who combines natural, human, and capital resources to produce goods and services

• entrepreneur 
• incentive 
• opportunity cost

to exchange one thing for another

• scarcity
• opportunity cost
• trade

when individuals, regions, and countries produce certain kinds of goods or services 

• trade
• specialization
• incentive

not enough of something so people have to make choices

• scarcity
• trade
• incentive

When you make a choice, THIS is the thing you wanted most, but didn’t get

• trade
• scarcity
• opportunity cost

when people are dependent on other people in order to get the things they do not produce

• incentive
• interdependent
• trade

something used to get people to buy or produce a certain good or service (tax break, loan)

• incentive
• human resource
• trade