Michigan Economy

Front

Limited resources and unlimited wants create:

Back

scarcity

Front

Which statement is false? Michigan trades with many different states and many different countries. Michigan only trades with one or two states.

Back

Michigan only trades with one or two states.

Front

In order to have a strong future, Michigan needs to: make good use of the natural resources it has.

Back

make good use of the natural resources it has.

Front

Because people specialize they have to:

Back

trade to get what they do not make.

Front

Which is true about farming in Michigan?

Back

Farming is an important economic activity of Michigan.

Front

What was Mrs. Diekman's opportunity cost when she decided to purchase shoes instead of a new shirt?

Back

shirt

Answer explanation

Remember: opportunity cost is the 2nd choice.

Front

Where do you find the most manufacturing in Michigan?

Back

Big cities

Front

Economy is the study of: how people use resources to make goods and services.

Back

how people use resources to make goods and services.

Front

not enough of something so people have to make choices

Back

scarcity

Front

There are only certain amounts of these: unlimited wants, limited resources, manufacturing, tourism

Back

limited resources