Ch. 9 Michigan's Economics

What Michigan city is know as the cereal capitol of the world?

• Traverse City
• Grand Rapids
• Detroit
• Battle Creek

Consumers buy and use the products that producers make.

• True
• False

The three types of resources are...?

• Natural, human, mechanical
• Natural, money, capital
• Natural, human, capital
• None are right

A product that people buy, that was made in another country is called...

• Import
• Export
• Product
• Money

What country does Michigan export the majority of our products to?

• Canada
• Mexico
• China
• Russia

Services are jobs that people do for you like dentists, cleaning services, car mechanics.

• True
• False

Pineapples, bananas, and peaches are NOT grown in Michigan.

• True
• False

___________________ is people depending on each other to supply what they each need

• Scarcity

• Specialization

• Interdependence

• Opportunity Cost

_________________ is where a person or group of people focus on one job, and get really good at it.

• Opportunity Cost

• Scarcity

• Interdependence

• Specialization

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

• export
• import
• scarcity