Unit 1: Choices & Consequences Vocabulary

What is the definition of opportunity cost?

• The chance that you will lose your money.

• The money you spend to buy something.

• All of the choices you could have made but didn't

• The next best alternative that you give up

All goods, such as buildings, tools, and equipment used in the production of goods and services.

• human resources

• capital goods

• opportunity cost

• natural resources

Process of dividing work into various parts and having workers responsible for specific tasks during the production process.

• specialization
• division of labor
• human resources
• natural resources

Someone who provides a service or a good

• Producer

• Consumer

• Capital resources

• Supply

Productive resources supplied by nature are called

• Division of Labor

• Natural resources

• Capital resources

• Human resources

A grocery store: Capital resources include (check all that apply)

• money

• cash register

• stock market

• shelves

You do the dishes, your brother cleans the bathroom, and your mom folds the laundry. What is this an example of?

• productive capacity

• free market

• division of labor

• opportunity cost

The state of having a secure job and steady income, in order to provide for your needs is known as...

• Financial security

• Fiscal responsibility

• Financial responsibility

• Fiscal security

A monthly amount of money paid to a bank to repay a house debt

• homeowner's insurance

• land contract

• mortgage

• lien

When someone is unable to pay their debts, they are

• Rich

• Bankrupt

• Homeowner

• Liquidator