Joe Rhatigan - Economics in Colorado

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Read and Respond

. What is a good , and what is a service ?

. Why did Europeans start heading to the

area that is now Colorado , and why do

people come to Colorado today ?

. Thinking of a recent decision you made ,

what was its opportunity cost ?

. What are some pros and cons to having

state and national parks in Colorado ?

. What incentives do Coloradans have to

protect their natural resources ?

Joe Rhatigan

Economic

$

Colorado

in

Table of Contents

Chapter : Economic Incentives in Colorado .

Chapter : Colorados Economy ...........

Chapter : Personal Financial Literacy .......

Chapter 4: Fannie Mae Duncan :

Entrepreneur Extraordinaire ..............

Glossary ...........................

Index .............................

Economics in Your Community .........

Economic Incentives

in Colorado

Your teacher assigns you homework . Why do

you do it ? If you do , you might earn a good grade .

If you dont do it , your grade might drop . A good

grade is an incentive . It is a reward . Getting a

low grade is a disincentive .

An economy has incentives and disincentives

too . The economy is the part of society that has

to do with making and spending money . People

spend their money on goods and services . Goods

are products people want that they can buy . For

example , apples and cars are goods . Services are

things people do for each other , such as cutting

hair or providing childcare . Incentives make people

want to spend their money .

Chapter

Inside and Out

What makes you want to do things ? Some

incentives come from inside you , like wanting

to have fun . Some come from outside you , like

a grown-up in your life telling you what to do .

Have you seen people get excited

about a sale ? A sale is when you can buy

something for less than normal . Why

would a store do this ? Sales are incentives

for their customers . When things cost less ,

people buy more . They might even spend

more money overall on other things once

they go to the store for the sale .

There are many kinds of incentives for

people to buy and sell . Sometimes , the

government makes the incentive . For

instance , people might get a tax break

when they buy certain things . This

means they pay lower taxes . Sometimes ,

conditions are an incentive . For example ,

many people like carrots . The fact that

there are many customers who want carrots

makes farmers want to plant them . Sellers

want to give people what they want to buy .

Copycats

Sometimes , an item for sale becomes

very popular . People buy it fast . Other

sellers see this success . They may make

imitations to sell themselves . This is

why once something becomes popular ,

you may start to see many

copycats of it .

Natural resources can also be an incentive .

People can sell them to make money . They can

also use them to make other things that can

be sold . Businesses have an incentive to make

things from resources that are easy to get . For

example , if a builder needs wood , they might

open a business near a forest .

Coal is one of Colorados major resources .

It is mined and sold . It has always been a

resource . But it has not always been in high

demand . Today , coal is used to make energy .

The demand for it around the world is high . So ,

there is also high incentive for coal to be mined

and sold .

However , burning coal can also pollute the

air . For that reason , some people want to make

energy in another way . Wind is one way . There

is now an incentive to build wind turbines . The

turbines make energy without pollution .

a power plant in Boulder

Long-Term Thinking

Climate change is one reason to be

eco-friendly . But there can be an incentive

to make money now rather than care for the

planets health . This is thinking in the short -

term (for right now ) rather than the long-term

( for the future ).

The Fur Trade

Today , we have fabrics for warmth . But long

ago , people used animal furs . They were in high

demand . This created an incentive for fur trapping .

In Colorado , the Ute and Puebloan peoples

traded furs . They did this long before people

from Europe came . Later , European settlers traded

glass and metal for these furs . They sold the furs

in Europe . The furs became very popular . This

created an incentive too .

Soon , the people of Europe wanted more . They

wanted beaver furs . So , traders hunted more

beavers . Then , they wanted bison furs . Traders

hunted more bison . Over time , there were fewer

animals left to hunt . The demand was higher than

the resource . Some animals nearly went extinct .

This can happen when a resource is overused .

beaver furs

Bison Today

By 1884 , there were only bison

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