Social Studies Maryland's Resources 5-17

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 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.

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

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