Economic Choice and Opportunity Cost Quiz

Economics is the study of how people ___________.

• grow things in their garden to have food to eat.

• make, use and trade things to make their lives easier.

• decided between goods and services.

• how to make money.

True or false. People can have everything they want.

• True

• False

True or False: All choices require giving up something else.

• True

• False

You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your_____________.

• opportunity cost

• fun

• economic choice

• happy place

What is the next best choice that is given up when a choice is made?

• economic choice

• opportunity cost

What a person gives up to get something they want ( your second choice)

• producer

• service

• opportunity cost

Tools, machines, equipment, money, and factories used to make goods.

• Capital Resources

• Producer

• Service

Sally goes to buy a hot chocolate every morning at the local donut shop. What is she?

• Good

• Consumer

• Producer

At the bookstore you see a book you want to read and a magazine. The book would take all of your money. You buy the magazine. What is your opportunity cost?

• You read book.

• You gave up buying anything.

• You gave up buying a book.

• You got a cookie

____________ are things that people make or use to satisfy their needs and wants.

• Goods

• Producers

• Consumers

• services