Economics

Economic ______ is when a producer focuses on producing selected goods or services.

• specialization

• scarcity

• choice

• decision

People have to specialize because they ______.

• are required to specialize

• have to make a choice

• cannot produce everything

• need to keep money in savings

What were the specializations of Ancient Mali?

• Bananas and Salt

• Copper and Gold

• Copper and Bananas

• Salt and Gold

What is the term that we use to describe the next best choice given up when a economic decision is made?

• specialization

• choice

• opportunity cost

• scarcity

Maria has to choose between buying ice cream or potato chips. This is an example of economic ___________________________.

• specialization

• scarcity

• choice

• cost

Sam has to make a choice between playing in his soccer game and studying for a big test. He chooses the soccer game. What is his opportunity cost?

• winning the soccer game

• losing the soccer game

• studying for his test

• winning a trophy

Your parents gave you four quarters for lunch money. If you had the choice between a hamburger for $1.49 or a hotdog for $0.99, what would help with your economic decision?

• scarcity of hamburgers

• cost of each item

• size of hotdog

• size of hamburger

All economic choices require us to ____________.

• meet our needs

• get all our wants

• give up something

• save our money

If Lauren had to choose between tacos and pizza, she would choose tacos. What is her opportunity cost?

• tacos

• pizza

• hamburger

Carrie had to choose which activity she would rather do: run or swim. Swimming was her opportunity cost. What did Carrie choose to do?

• dance

• swim

• run