Economics

What term refers to a producer focusing on a specific product or service?

• Economic special

• Specialty

• Economic specialization

• Economic choice

Different regions produce different things because_________

• They are required to

• They cannot produce everything

• They only want to produce one thing

• They are special

Some people or regions cannot produce everything, in that case they can__________

• Ask a friend

• cry

• trade

• do nothing

One of VA's specialties is_____?

• building ships

• collecting beach supplies

• growing crops

• building computers

What is the next best thing given up when a decision is made?

• economic specialization

• economic scarcity

• economic choice

• opportunity cost

Maria has to choose between buying ice cream or potato chips. This is an

example of ___________________________.

• economic specialization

• economic scarcity

• economic choice

• opportunity cost

When choosing between buying a skateboard and purchasing a Nintendo Wii

game, what would you need to compare?

• savings

• monetary cost

• limited resources

• scarcity

Sam has to make a choice between playing in his soccer game and studying for

a big test. He chooses the soccer game. What is his opportunity cost?

• getting a good grade on his test

• winning the soccer game

• losing the soccer game

• winning a trophy

Your parents gave you four quarters for lunch money. If you had the choice

between a hamburger and a hotdog, what would help with your economic

decision?

• scarcity of hamburgers

• monetary cost of each item

• size of the hot dog

• size of the hamburger

All economic choices require us to ____________

• give up something

• meet our needs

• give us everything we want

• save our money