Economic Choices

An economic choice is a decision  about how to use resources.  Businesses have to make a decision about which goods to produce and how much to make.  This is a picture of a what?

• service
• good
• human resource
• capital resource

Businesses also have to make a decision about what kinds of services they wish to offer.  Which is an example of a service?

• a cupcake
• a hair stylist
• pizza
• book

Businesses help people in communities meet their wants which is something people would like to have.  Some wants are needs.  What is this an example of?

• want
• need

Some natural resources are nonrenewable meaning that they can not be made again quickly by nature or by people.  Some resources are renewable and can be made again by nature or people.  What is this an example of?

• renewable resources
• nonrenewable resources
• goods
• services

Categorize this resource as being a nonrenewable resource of a renewable resource.

• renewable resource
• nonrenewable

Categorize this resource as being a nonrenewable resource of a renewable resource.

• renewable resource
• nonrenewable resource

Categorize this resource as being a nonrenewable resource of a renewable resource.

• nonrenewable resource
• renewable resource

Peoples and consumers do not always have enough resources to get everything they want. They must make a choice.  Sometimes they must give up certain things to get other things. This kind of economic decision is called a trade-off.  What people decide to give up in order to get something else is called the ___________.  

• economic choice
• opportunity cost

A consumer might choose to spend his money on a pair of skates instead of going to the movie. In this case, which one is the opportunity cost?

• movie
• pair of skates

A consumer might choose to spend his money on some popcorn at the movie and not a bag of M & Ms.  Which one is the opportunity cost?

• M & Ms 
• popcorn