Economics Review

What is the term used for a choice or decision a person makes between alternatives or possibilities?

• economic specialization
• economic scarcity
• economic choice
• opportunity cost

What is the next best thing given up when a decision is made?

• economic specialization
• economic scarcity
• economic choice
• opportunity cost

When choosing between buying a skateboard and purchasing an Xbox, what would you need to compare?

• savings
• monetary cost
• limited resources
• scarcity

All economic choices require us to

• meet our needs
• get all of our wants
• give up something
• save our money

What term is used when a producer focuses on producing selected kinds of goods or services?

• economic specialization
• economic scarcity
• economic choice
• economic decision

If people want goods or services that they do not have, what could they do?

• They could take them from someone else.
• They could tell a friend.
• They could just sit at home and think about what to do.
• They could trade with others who have those goods or services.

People working to produce goods and services are called

• capital resources
• human resources
• natural resources

Resources that come from nature are called

• capital resources
• human resources
• natural resources

Goods made by people and used to produce other goods and services are called

• capital resources
• human resources
• natural resources

Which of the following is a producer?

• someone who eats ice cream
• someone who plays with a fidget spinner
• someone who makes toys
• someone who goes camping