Econ Unit Review

Gold is an example of which kind of resource?

• Natural

• Capital

• Human

Why does specialization encourage trade?

• People want goods and services they do not have

• The price of goods and services decreases with specialization

• Specialization encourages people to travel and spend money

• Specialization provides different jobs in a community

What is an opportunity cost?

• The choice between two things

• The choice that is given up when a decision is made

• The decision-making model used to made a choice

• A type of economic specialization

Which two things are capital resources

• Tree

• Computer

• Tools

• Cow

Natural resources are ________

• goods made by people and used to produce other goods and services

• people working to produce goods and services

• materials that come directly from nature

• things people make or use to satisfy their needs and wants

With $1.00 you can buy either an ice cream cone or a candy bar. This is called a(n)

• opportunity cost

• scarcity

• specialization

• economic choice

Which of the following is an example of a natural resource?

• Car

• House

• Chef

• Orange

What are goods?

• Things we DO for other people

• People who use resources

• Things people make or use

• Activities that satisfy wants

People who use resources to make goods and/or provide services are called ________

• human resources

• consumers

• producers

• capital resources

Wood is an example of a ________ resource

• capital

• natural

• human