Michigan's Economics

Not being able to have all the products and services a person wants is called _______.

• export
• import
• scarcity

A business that owned and operated by one person is called _______.

• individual ownership
• partnership
• corporation

A business that owned and operated by two people is called _______.

• individual ownership
• partnership
• corporation

The tools, machines, and buildings that are used to produce goods and services are called _______.

• human capital
• natural resources
• capital equipment

Valuable things in nature that people use are called _______.

• human capital
• natural resources
• capital equipment

People who work in jobs to produce goods and services are called _______.

• human capital
• natural resources
• capital equipment

A business that owned by several people and operated by managers is called _______.

• individual ownership
• partnership
• corporation

The amount of money left over after paying all of the costs is called _______.

• profit
• scarcity
• export

 _______ are things that are made and traded.

• export
• import
• products

 _______ is what you give up in order to get what you want.

• export
• opportunity cost
• products