Michigan economics

Economics is the study of

• how people earn, spend, and save money.

• how products are grown or manufactured and sold.

• how people make choices about their money.

• all of the above.

An example of a human resource is:

• Rich soil for farming

• A worker in a bank

• Lumber used for furniture

• Machinery used in a factory

An example of a natural resource is:

• An engineer at a car company

• A tractor used for farming

• Lumber used for furniture

• Machinery used in a factory

An example of a captial resource is:

• An engineer at a car company

• Sand used for making glass

• Lumber used for furniture

• Machinery used in a factory

Scarcity means

• there is too much of a product.

• not enough of a product.

• trading a product.

• buying a product.

Put a check mark next to the products produced in Michigan. (There are 3).

• Apples

• Oranges

• Cereal

• Cars

Since Michigan cannot produce everything we like to have, we depend on other places to IMPORT their products to Michigan. What does import mean?

• When a product comes from another place.

• When a product is made in the USA

• It means saving your money.

• When we ship out products made in Michigan.

Since Michigan cannot produce everything we like to have, we depend on other places to IMPORT their products to Michigan. This is called:

• Shopping

• Farming

• Manufacturing

• Interdependence

Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a tax?

• Paying for a ticket because you broke a law.

• Paying to enter a state park.

• Paying extra for the things you buy.

Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a fine?

• Paying for a ticket because you broke a law.

• Paying to enter a state park.

• Paying extra for the things you buy.