Economic Concepts

Multiple Choice

________ are the things used to create goods or services.

• Scarcity

• Resources

• Materials

Multiple Choice

What type of resource is this?

• Natural

• Human

• Capital

Multiple Choice

What type of resource is this?

• Natural

• Capital

• Human

Multiple Choice

 Which choice correctly matches the resource with its resource category?

• 1. Natural Resource:  Computer

•  Natural Resource: Mechanic

• Human Resource: Wood

• Capital Resource: Tractor

Multiple Choice

What is NOT a capital resource?

• Stove

• Oil

• Computer

• Assembly line

Multiple Choice

Choices must be made because goods and services are __________.

• Abundant

• Plentiful

• Unlimited

• Limited

Multiple Choice

All of the options below are examples of natural resources, EXCEPT…

• Cotton

• Land

• Oven

• Water

Multiple Choice

What is scarce in the photo?

• Forks

• People

• Food

Multiple Choice

This comic is an example of which economic concept?

• Consumption

• Scarcity

• Opportunity Cost

Multiple Choice

If I have 3 hats and 5 friends who want hats, what is scarce?

• Friends

• Hats

• Time

• Money

Multiple Choice

Opportunity costs are the things ____________ when you make a choice.

• You gain

• You give up

• You select

Multiple Choice

You decide to eat pizza for dinner, instead of ice cream.  _______ is your opportunity cost.

• Ice cream

• Pizza

Multiple Choice

Scarcity only affects individuals.

• True

• False

Fill in the Blanks

Multiple Choice

A meal, a new car. a pair of shoes, treatment from a doctor- These are all examples of ______________.

• Production

• Resources

• Consumption

Multiple Choice

What is an example of a human resource?

• A car

• Diamonds

• A bus driver

• A chrome book

Multiple Choice

What is NOT an example of consumption?

• A chef preparing a meal

• Buying snacks from the grocery store

• Going to see a movie

• Ordering new shoes online