Intro to Economics

The work people do is a resource called

• service

• labor

• needs and wants

• opportunity cost

Work people do for other people for a fee is called

• service

• production possibilities

• opportunity cost

• division of labor

Scarcity is a problem of limited resources but unlimited

• labor

• service

• opportunity cost

• wants and needs

The cost of trade-offs is called a(n)

• needs and wants

• service

• opportunity cost

• labor

All combinations of goods and services that can be produced are referred to as

• opportunity cost

• production possibilities

• natural resources

• division of labor

Water and minerals are examples of

• natural resources

• production possibilities

• opportunity cost

• division of labor

Splitting a job into parts is called

• production possibilities

• division of labor

• services

• needs and wants

Natural resources are _____ found on Earth

• trees

• people

• raw materials

• never

Economics is the study of how people and countries make decisions about using

• resources

• people

• water

• work

Wants are not necessary for survival but can make our lives

• better

• worse

• the same

• bad