Michigan's Economy

goods that are used to produce more goods and services

• human resources
• capital resources
• natural resources

someone who combines natural, human, and capital resources to produce goods and services

• entrepreneur 
• incentive 
• opportunity cost

not enough of something so people have to make choices

• scarcity
• trade
• incentive

When you make a choice, THIS is the thing you wanted most, but didn’t get

• trade
• scarcity
• opportunity cost

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

• export
• import
• scarcity

You have $14.00.  You can go to the movies, buy a new shirt, or buy a kitten.  If you choose to go to the movies, what is your opportunity cost?

• the shirt and the kitten
• the kitten and the movies
• the movies and the shirt

You have $8.00.  You can buy a new hat, a new shirt, or two books.  If you choose to buy the books, what is your opportunity cost?

• the shirt and the books
• the hat and the shirt
• the books and the hat

A mechanic is a

• natural resource

• human resource

• capital resource

A fish is what kind of resource?

• Natural
• Human
• Capital

A canoe is what kind of resource?

• Capital 
• Natural 
• Human