class 11 introduction to microeconomics

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RL.8.1

CCSS.RI.8.2

CCSS.RL.7.1

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

The people who grow or create goods are called...

• producers
• consumers
• banker
• traders

Tags

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RL.8.1

CCSS.RI.8.2

CCSS.RL.7.1

How do most people obtain goods or services today in America?

• Money
• Trading
• Bartering

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 choice between two goods or services is known as ___________________.

• scarcity

• opportunity cost

• economic choice

• economic specialization

These are examples of ________________ resources.

• capital

• natural

• scarce

• human

This picture shows examples of _________________ resources.

• natural

• capital

• human

• consumer

Those who are poor are more likely to face scarcity than the rich.

• True

• False

The opportunity cost of producing a good is the scarce resources used up in the process.

• True

• False