Economics

Sam wants a toy car and a fire truck. He can only get one so he chooses the fire truck. What was his opportunity cost?

• fire truck

• toy car

When people focus on providing a certain good/service

• resources

• interdependence

• opportunity cost

• specialization

PEOPLE that work to produce a good or provide a service are_____________ resources.

• human

• natural

• capital

The tools, buildings, and trucks used to provide/make a good/service are called _________ resources.

• natural

• capital

• human

When cleaning houses for money, which is a natural resource?

• house

• person

• water

• cleaning supplies

Water, wood, soil, and coal are all examples of _________ resources.

• natural

• capital

• human

Items that are made to sell that people WANT or NEED are called ____________.

• factories

• supplies

• goods

• consumers

Jobs such as doctors, teachers, and police officers are _________.

• goods

• opportunity costs

• economic choices

• services

When people buy one thing over another they are making an __________________________.

• interdependence

• specialization

• economic choice

• opportunity cost

The next best thing when making a choice is the _________.

• economic choice

• interdependence

• opportunity cost

• specialization