Economics review: Choices, Specialization, and Ancient Resources

The Mediterranean sea

• natural resource

• human resource

• capital resource

Important natural resource in Mali

• Salt

• Soil

• Sunlight

• Plants

Fancy term for when people have to choose between two possibilities.

• economic specialization

• economic choice

Fancy term for when producers have to focus on producing one good or service

• economic specialization

• economic choice

What is the next best thing that you give up when you make an economic choice?

• economic scarcity

• opportunity cost

• economic choice

An economic choice requires you to

• give something up

• get everything you want, yay.

• save your money

Why do people specialize?

• Because it's required.

• They cannot produce everything

• They have to make a choice