Opportunity Cost and Specialization

The CHOICE of or decision among alternatives or possibilities is called-

• opportunity cost

• producer

• economic choice

• consumer

Julia had $5 to spend. She wanted a toy and video game, but she only had enough money to buy one. She decided to buy the video game and put the toy back. What was her opportunity cost?

• toy

• video game

• store

• money

Roberto went to the store to buy soda and chips. He decided to buy only chips. What was the opportunity cost?

• chips

• soda

• picnic

• money

At the store a boy is trying to decide if he wants to spend his money on a new jacket or a pair of cool boots. This is an example of-

• specialization

• economic choice

• human resources

• interdependence

A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?

• interdependence

• specialization

• opportunity cost

• barter

The Candy Cane Company focuses on making only one product. This is called-

• trade

• independence

• region production

• specialization

Why do people trade?

• to make friends

• to get things they already have

• to be popular

• to get things they need and want but do not have

All of the following are ways to pay someone EXCEPT-

• trade

• money

• read

• taxes

What is an example of specialization?

• Selling the best pizza at Pizza Hut

• Selling toilet paper at Wendy's

• Giving the best hair cuts at a school

• Giving the best paint jobs at a gym

What good does Toys R Us specialize in?

• donuts

• candy

• pizza

• toys