Economics

What is opportunity cost?

• the choice that is given up

• what you pick

• money

What is economic choice?

• what you did not pick

• the choice that is made

• cash

What is scarcity?

• we have too much stuff

• everything is gone

• when we do not have the ability to

  satisfy all of our wants because of

  limited resources

You have time to only go on one more ride at the amusement park, the roller coaster or the bumper cars. You pick the roller coaster. What was your economic choice?

• Your economic choice is the roller coaster

• the bumper cars is your economic choice

You go to an ice cream shop. You can have strawberry ice cream or chocolate ice cream. Your economic choice is chocolate ice cream. your (blank) is strawberry ice cream.

• opportunity cost

• scarcity

• limit

If you make and sell cookies, are you a producer or consumer?

• producer

• consumer

If you go to the Food Lion for your groceries, are you a producer or consumer?

• producer

• consumer

Which of the following are kinds of resources

• wants and needs

• natural, human, and capital

• goods and services

Which of the following is a want:

• video games and television

• food and water

• shelter

Which of the following are needs?

• food, water, and shelter

• vacation house

• video games