11a Economic Concepts Classwork

Select the 4 factors of production, or resources

• Entrepreneurship

• Human

• Natural

• Monetary

• Capital

All of the 8th grade teachers want a donut that Ms. O brought, but Mrs. Griffin won't get one. What concept best supports this statement?

• Supply

• Production

• Scarcity

• Choice

Ms. O could pick from M&Ms, Skittles, or Laffy Taffy. She can't have everything, so she selected the M&Ms.

What concept best describes this scenario?

• Production

• Incentive

• Price

• Choice

The item shown is what type of resource?

• Human

• Natural

• Entrepreneurship

• Capital

What is Curtis' opportunity cost?

• Candy

• Monster Energy Drink

• Shopping time

• Nothing

What is the incentive for buying Cracker Jacks?

• The delicious taste

• Prize inside

• Lots of Carmel Corn

• Spending money

Production is the act of __________ resources to _________ goods and services.

• combining; make

• using: use

• making; combine

• using; sell

What definition best describes consumption?

• The amount of goods available for sale

• Factors of production used to make goods

• Combining resources to make goods and services

• The using of goods and services

Things that motivate someone that could change their behavior-

• Scarcity

• Opportunity Cost

• Incentive

• Choice

Which statement best describes opportunity cost?

• What is given up when a choice is made

• Selecting from a list of alternatives

• The amount of money something is

• A factor of production