Unit 6: NC's Economy

an economic decision where someone sacrifices, or gives up, certain things to get other things.

• opportunity cost

• trade-off

• loan

• finance

What people decide to give up in order to get something else is called the...

• opportunity cost

• trade-off

• loan

• finance

something that people would like to have

• want

• need

A ___ resource cannot be made again quickly by nature or people.

• renewable

• want

• nonrenewable

• financial

A ___ resource can be made again by nature or people.

• renewable

• want

• nonrenewable

• financial

___ is the protection and careful use of natural resources.

• Renewable resources

• Recycling

• Capital resources

• Conservation

___ is the way people in a state, region, or country use resources to meet their needs.

• Social

• Politics

• Economy

• Conservation

In this kind of economy, people are free to start and run their own businesses with only limited control by the government.

• freedom economy

• limited economy

• free enterprise economy

• capital economy

a person who organizes and runs a business

• business

• entrepreneur

• capital resource

• economy

Which is NOT one of the three factors of production?

• human resources

• finance

• capital resources

• natural resources