eQuizShow

MI economy

1

Question: What is the study of how people use resources to produce GOODS and SERVICES that people Want or NEED?
Answer: Economics 

Question: What are capital resources?
Answer: Goods that are used to make more goods and services. Factories, tools, bulldozers, glue, paint..

Question: What are the 3 economic activities of MI? (Activities that bring money and jobs to MI?)
Answer: Agriculture (farming)
Manufacturing (producing goods in a factory)
Tourism (When people visit a new area and spend money there)


Question: Name 5 goods that MI produces
Answer: Cars, cherries, apples, celery, corn 

Question: What are some natural resources needed to make a car?
Answer: sand (for the glass windows)
water
oil 
gas
rubber


2

Question: What are the 3 types of resources needed to make goods or services?
Answer: Capital resources
Human resources
Natural resources


Question: What is the person called who combines natural, human, and capital resources to produce goods and services?
Answer: An entrepreneur. Henry Ford is an example of an entrepreneur.  

Question: What are exports?
Answer:

Goods that people in a place send OUT to people in another place when they trade. 

(Example: MI exports cars)




Question: What are wind turbines and why are they a good idea for Michigan's economy?
Answer: A wind turbine is a tall tower with blades that uses wind to create electricity. Michigan could create wind farms to produce electricity that can be used in homes and businesses which doesn't pollute the environment. Wind is a RENEWABLE resource which means we will ALWAYS have wind and we will never run out. This new idea will help create more jobs as well. 

Question: What are some human resources needed to produce a car?
Answer: Factory workers
Painter/designer
Engineer
Truck driver



3

Question: What are natural resources?
Answer: Things in nature that people use. Water, soil, trees, sun, wind... 

Question: You had $5.00 to spend at the book fair. You had to choose between a book that was $4.50 or a calculator that was $3.89. You chose the calculator. What was your opportunity cost?
Answer: The book

Question: What is an import?
Answer:

A good that people in a place bring IN from another place when they trade

(Oranges from Florida are a Michigan import)



Question: What are some public goods and services provided by the government of MI?
Answer: State parks, libraries, state police, highways, road repair. 




Question: What are some capital resources needed to make a car?
Answer: Tools
Machines
Robots
Factory
Truck
Oil drilling tools


4

Question: What are human resources?
Answer: Workers. Truck drivers, factory workers, farmers, lumbermen...

Question: What are 3 natural resources needed to make a jar of grape jelly?
Answer: sand (for the glass jar)
water
grapes
sugar


Question: What is scarcity?
Answer: When we don't have enough of something so we have to make CHOICES

Question: How does the government pay for public goods and services like state parks, libraries, state police, highways, and road repair? 


Answer: Fines
Fees
Taxes


Question: You want a book that is $8.00 from the book fair. How much do you have to pay all together INCLUDING SALES TAX?

Remember: 6 cents for EVERY dollar 

Answer: $8.48




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