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WorksheetsMichigan economics
Total questions: 11
Worksheet time: 6mins
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.
EXTRA CREDIT QUESTION:
Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a fee?
Paying for a ticket because you broke a law.
Paying to enter a state park.
Paying extra for the things you buy.
