Opportunity Cost

Who are people who use or buy goods and services?

• Producers

• Consumers

• Users

• Sellers

What is the term used when there are not enough resources for everyone to have what they want?

• Abundance

• Opportunity cost

• Scarcity

• Consumerism

People must make decisions as a result of what?

• Scarcity

• Consumerism

• Opportunity cost

• Producers

Which of the following is NOT a benefit of global trade?

• Lower prices

• Creates new jobs

• Invasive species

• We get goods from around the world-not just what was made in MS.

What is Mississippi’s biggest export?

• Cotton

• Soybeans

• Transportation vehicles

• Petroleum

Opportunity cost is how much more you spend to buy something.

• True

• False

Opportunity cost is what you give up to get something else instead.

• True

• False

All decisions directly involve money.

• True

• False

It is always best to have a division of labor when making a product, no matter how many or how few.

• True

• False

Division of labor works best when producing a limited amount of goods.

• True

• False