Economics - Unit 6 - Topic 1

When there is not enough of something to meet people's needs or wants?

• Scarcity

• Abundance

• Value

• Opportunity Cost

Something you must have to live.

• Wants

• Needs

• Goods

• Service

Something you would like to have, but do not need to live.

• Needs

• Profit

• Credit

• Wants

Which of the following are types of trade?

• Barter

• Imports

• Exports

• Specialization

Which of the following means “the value of something you give up when you choose one thing instead of another”?

• Opportunity Cost

• Value

• Scarcity

• Currency

Which statements are true, most of the time?

• Supply decreases, price decreases

• Supply decreases, price increases

• Demand increases, supply decreases

• Demand decreases, supply decreases

A producer can also be a consumer.

• True

• False

Which would you rather be?

• Producer

• Consumer

• Both

Which items are examples of natural resources? Check all that apply

• Trees

• water

• computers

• business owners

Which items are examples of capital resources that a baker might use? Check all that apply.

• Mixer

• Card Reader for payments

• Mixing bowls

• Workers to help customers