Economic Decision Making

As humans, we have _______________ wants.

• Limited

• Few

• Unlimited

• An average amount

_____________________ is the inability to satisfy everybody's wants at the same time.

• Choice

• Economics

• Opportunity cost

• Scarcity

TRUE or FALSE: Because we have unlimited wants and scarcity, we have to make difficult choices.

(a)  

When given a choice, whatever you choose NOT to do is called your...

• Scarcity

• Choice

• Opportunity cost

• Mistake

I can either wear a black shirt or a white shirt today. I chose to wear a black shirt. What is my opportunity cost?

• The white shirt

• The black shirt

• The other shirts in my closet

• There is no opportunity cost

TRUE or FALSE: When making a choice, it is a bad idea to consider the value of what you are giving up.

(a)  

TRUE or FALSE: We have unlimited wants, but our resources are limited.

(a)  

What are the TWO examples of goods? Check both.

• Cheeseburger

• Doctor

• Veterinarian

• Pencil

What are the TWO examples of services? Check both.

• Hand sanitizer

• Hairdresser

• Notebook

• Teacher

________________ are factors of production that are used in the production of goods and services.

• Goods

• Ideas

• Resources

• Entrepreneurs