3rd grade economics and resources

Front

Which of the following are natural resources? water, trees, animals, all of them

Back

all of them

Front

What is a natural resource used to make a chair? Options: cow, trees, oil, wind

Back

trees

Front

An example of a human resource is _________.

Back

doctor

Front

___________________ is another word for a person who works to produce goods or provides services?

Back

human resource

Front

Michael used his tractor to make bales of hay.  His tractor is a ____________.

Back

capital resource

Front

Mark could choose between new shoes or a new video game as a reward for his good grades. He chose new shoes. What is his opportunity cost?

Back

video game

Front

What is it called when a company focuses on making only one product?

Back

specialization

Front

A crew of men are hired to paint a new house.  They are providing a ____

Back

service

Front

Limited resources may cause___

Back

scarcity

Front

When we produce the things we are best at, it is called ____________.

Back

specialization