Key Economic Concepts

What are "Productive Resources"

• Resources that are supplied by nature.

• Materials and people used to create goods and services.

• People who start businesses to provide goods and services.

• The tasty part of the Oreo.

Who are "Entrepreneurs"?

• People who enter places.

• People who are teachers, factory workers and farmers.

• People who start businesses to provide goods and services.

• None of the above.

How many different types of productive resources are there?

• 4

• 3

• 2

• 100

What is "Cost"?

• What you give up as a result of a decision.

• What you gain as the result of a decision you make.

• Unlimited wants and limited resources.

• Things you buy at the store.

Which answer choice is a present consequence?

• Being too full for dinner because of the candy bar you ate.

• Not having enough money to buy a candy bar tomorrow.

• Getting to eat the candy bar you just bought.

Which answer choice is a future consequence?

• Being too full for dinner because of the candy bar you ate.

• Having less money in your pocket than before because you bought that candy bar.

• Getting to eat the candy bar that you just bought.

Specialization increases productivity.

• False

• True

Specialization does not lead to interdependence.

• False

• True