Final Review

An example of an opportunity cost would be

• not being able to afford a family trip because the family buys a computer.

• buying a movie ticket.

• the price of gasoline for a family trip.

• buying a computer to help get better grades in school.

How are trade-offs and opportunity costs different?

• The opportunity cost is the most desirable trade-off.

• A trade-off is the most expensive opportunity cost.

• A trade-off can be put on a decision-making grid, but an opportunity cost cannot.

• It's more important to be aware of the trade-off when deciding something.

An opportunity cost is

• the most desirable alternative given up as the result of a decision.

• any good or service we barter for another good or service.

• the cost in dollars and time of any decision.

• a choice between two equally desirable goods or services.

Factors of production are

• all the human-made goods that are used to produce other goods and services; tools and buildings.

• land, labor, and capital; the three groups of resources that are used to make all goods and services.

• the skills and knowledge gained by a worker through education and experience.

• natural resources that are used to make goods and services.

Define Scarcity:

• A limited amount of resources
• Being afraid of large towns
• Limited amount of choices
• When you give up one thing to get something else

Which of the following are goods (all that apply)

• Cheese

• Pizza

• Hair cuts

• Coaching

Which is not a factor of production

• Natural

• Money

• Entrepreneurial

• Human

Who is in charge in a command economy?

• The government

• Producers

• Consumers

• Big Business

When demand rises what happens to the price?

• It doesn't matter

• Remains same

• Rises

• Falls

What is a need?

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

Tags

CCSS.RL.7.1

CCSS.RI.7.2

CCSS.RL.7.2

CCSS.RL.6.1

CCSS.RL.8.1