Economics Grade 4 ND

What is a good?

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

Things that were not made by humans and are found in nature

• natural resources
• human resources
• capital resources
• services

When you make a choice among other possible choices you are making an

• opportunity cost
• economic choice

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 is NOT a resource needed to make a product?

• Capitol Resources

• Natural Resources

• Human Resources

• Consumer

What is A Entrepreneur?

• Someone who takes the risk to start a business

• a child

• an employee for a business

What is human resource?

• skills, knowledge, and labor that people use in their jobs.

• resources found in nature

• things made by people to help make goods and services.

2. What is an opportunity cost?

• something absent in command economy

• when goods are recycled into other goods

• when there is not a scarcity of goods and services

• the next-best alternative you give in order to do something else

Trees, water, air and dirt are examples of a Natural Resource.

• True
• False

Tools, equipment, and buildings needed for jobs are called

• private goods

• human resources

• capital resources

• natural resources