Economics

What is opportunity cost?

• your choice
• what you give up to make a choice

What is scarcity? 

• Having too many resources 
• Not  having enough resources 

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

• muffins 
• cookies 

The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?

• vacation 
• swimming pool 

Which of the following do economists NOT consider to be one of the factors of production?

• land

• labor

• money

• capital

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

What is a service?

• A job
• Something someone does for you
• A need
• Something you do for another person

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.3.2

CCSS.RI.4.2

CCSS.RL.3.2

CCSS.RL.4.1

CCSS.RL.5.1

What is a good?

• A need
• A baseball game
• Things people do for money
• Things that people make or grow

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI.3.2

CCSS.RI.4.2

CCSS.RL.3.2

CCSS.RL.4.2

CCSS.RL.5.2