Michigan Economics

If Sara goes to a football game with her friends on Saturday instead of working at the store, what is the opportunity cost of her decision?

• She give up the chance to earn money.

• She give up going to the library.

• She give up going to college.

When Sara Works at the hard ware store, she is an example of a ____________________

• capital resource

• natural resource

• human resource

Which of the following is a list of capital resources that might be found a Frank's hardware store?

• the building, the tools and the cash register

• the selves, the containers and the equipment

• all of the above.

Natural resources are sometimes referred to as "gifts from nature." Which of the following is a list of natural resources found n Michigan?

• glass, metal and paper

• sand, trees and coal

• paper, scissors and crayons

Economics is the study of how ______________.

• people use resources to produce a good or a service

• people save their money

• people make decisions and take a stand

Tessa noticed that many of her elderly neighbors had a lot of leaves in their backyards. She decided to start a raking business. She offered to rake leaves for $4.oo an hour. After the firs afternoon , she already made $12.00. Tessa is ___________________.

• a capital resource

• an entrepreneur

• a consumer

It was Trent's birthday and he received $30 from his grandparents. He went to the store to purchase the newest Wii game. However, when he got to the store, they wee sold out. He decided to buy a different Wii game instead. What is his scarcity problem?

• He doesn't have enough money.

• There aren't enough Wii games at the store.

• There isn't enough of the newest Wii game.

Apples, cherries, blueberries and mint are all examples of Michigan __________________.

• manufactured products

• agricultural products

• mining products

Michigan manufactures many products for trade. Two of these products are __________________ and __________________.

• cars and clocks

• salt and bowling alley equipment

• lumber and office furniture

Michigan depends on other states for products we cannot produce ourselves. For example, Michigan trades our cherries for oranges grown in Florida. This relationship is called ___________________.

• interdependence

• specialization

• entrepreneur