Principles of Economics

The idea that there is a limited set of resources.

• Scarcity

• Cost

• Benefit

• Stock

When making a purchase, you must first decide the ___________, or the thing you must give up in order to obtain it.

• Scarcity

• Cost

• Benefit

• Goal

When making a purchase, you must decide the __________, or the positive things you will gain from the good or service.

• Scarciy

• Cost

• Benefit

• Wealth

Gamestop's ________ is currently skyrocketing.

• Scarcity

• Cost

• Benefit

• Stock

The choice between purchasing or not purchasing a good or service is called a...

• Trade Off

• Opportunity Cost

• Specialization

• Division of Labor

The potential gain that must be given up in order to make an economic decision; can be money, time, etc.

• Trade Off

• Opportunity Cost

• Benefit

• Cost

Which of the following is NOT a factor of production?

• Land

• Labor

• Capital

• Standard of Living

Land is...

• The natural resources used in production

• The materials used to produce the good or service

• The people involved in production

• The person who is selling the good or service

Labor is...

• The natural resources used in production

• The materials used to produce the good or service

• The people involved in production

• The person who is selling the good or service

Capital is...

• The natural resources used in production

• The materials used to produce the good or service

• The people involved in production

• The person who is selling the good or service