Economic Decisions

Which of the following is not a basic need?

• clothes

• technology

• shelter

• food

• need
• want

• need
• want

Does this person provide a good or a service?

• good
• service

Does this person provide a good or a service?

• goods
• service

whats the four factors of production?

• land, labor, capital, & entreprenurs
• water, shoes, food, & toys
• pizza, burgers, fires, & milk shake
• earth, sun, moon, & light

Which of the following is an investment in capital resources/goods?

• healthcare
• new machinery
• skills training
• universities

What is an example of human capital?

• a country's standard of living
• the cash a business has to spend
• the workers of a business or country
• the buildings, equipment, and property of a business

Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?

• Natural Resources
• Capital Resources
• Entrepreneurship 
• Labor Resources 

Opportunity Cost is best defined as

• The best rejected alternative you give up when making a decision 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision