Michigan's Economy
Student's will be able to:
- Describe major kinds of economic activity in Michigan today, such as agriculture, manufacturing, services and tourism, research and development, and explain the factors influencing the locations of these economic activities
- Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan
- Identify incentives (sales, tax breaks) that influence economic decisions people make in Michigan
- Describe how entrepreneurs combine natural, human, and capital resources to produce goods and services in Michigan
- Explain the role of business development in Michgan's economic future
- Using a Michigan example, describe how specialization leads to increased interdependence (cherries grown in Michigan are sold in Florida; oranges grown in Florida are sold in Michigan)
- Identify products produced in other countries and consumed by people of Michigan
- Identify goods and services provided by the state government and describe how they are funded