Economics Flashcard

Front

What are natural resources?

Back

Materials that come directly from nature.

Front

What is specialization?

Back

producing a specific good or service

Front

Opportunity cost

Back

The choice you give up or sacrifice

Front

Virginia specializes in the production of which good and service?

Back

Shipbuilding and coal

Front

Adam orders fries. He now has to choose Nuggets or a Cheeseburger. He chooses a Cheeseburger. What was the opportunity cost in this decision?

Back

Nuggets

Front

With $1.00 you can buy either an ice cream or a candy bar. You are making a(n)—

Back

economic choice

Front

What are goods?

Back

Things people make or use

Front

What are services?

Back

Things we do for other people

Front

People who use resources to make goods and/or provide services are called—

Back

producers