Chapter 10 Review

What is profit?

• the money you have left over after you paid your bills

• how many people want your good/service

• the amount of an item you have

• none of these

What does it mean when you save money?

• You buy a new outfit.

• You put money away for later.

• You invent a new good.

• You give money to help animals.

iPhone X just came out and many people want it. What will happen to the price?

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For the market, Opal is selling brownies. Dyamonde is also selling brownies. What will happen to the price?

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Halloween is almost here! The supply of candy is going down. What will happen to the price?

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_______________ resources are materials that come from nature.

• Special

• Natural

• Human

• Capital

______________ resources are people working to produce goods or provide services.

• Capital

• Human

• Natural

• Manufactured

________________ resources are the things that people use to make the goods or provide their services.

• Natural

• Capital

• Company

• Human

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost