Economic Vocabulary Independent Practice

You buy a new pair of shoes and wear them to school. This is an example of

• Consumption

• Production

• Opportunity Cost

• Scarcity

A factory making new iPhones is an example of

• Scarcity

• Consumption

• Production

• Opportunity Cost

If you choose to buy a new shirt, then you can't buy a jumbo Blizzard at Dairy Queen. In this case, the ice cream is your

• Opportunity Cost

• Resource

• Consumption

• Production

Which type of resources are workers (labor)?

• Human

• Natural

• Capital

• Entrepreneurship

The ability to create and manage a business which includes a willingness to take risks to make money is...

• Entrepreneurship

• Production

• Capital

• Consumption

Water is an example of

• capital resources

• natural resources

• human resources

• entrepreurship

What is given up when a choice is made. The highest valued alternative not chosen

• Entrepreneurship

• Choice

• Scarcity

• Opportunity Cost

The tools, man-made objects or money used to create goods and services

• Human resources

• Capital resources

• Natural resources

• entrepreneurship

The using of goods and services

• Choice

• Incentives

• Consumption

• Resources

The inability to satisfy all wants and needs at the same time. Resources and goods are limited, so choices must be made.

• Production

• Consumption

• Scarcity

• Price