Resources Used in Production

Which detail does NOT describe petroleum?

• a natural resource

• a human resource

• a nonrenewable resource

• a fossil fuel

True or False? Economics is the science of how people use resources to satisfy their needs and wants.

• TRUE

• FALSe

The idea that choosing one thing requires a decision to not have another is...

• economics

• capital

• natural resource

• opportunity cost

The work people do is...

• capital

• labor

• human resources

• opportunity cost

A bus driver's labor is ...

• only mental

• only physical

• both physical and mental

Tools, equipment, machinery that are needed to produce goods are...

• natural resources

• human resources

• capital resources

Which capital resource is NOT needed to open a grocery store?

• food items

• rubber tires

• cash registers

• grocery carts

What type of resource is a tractor trailer?

• natural

• capital

• human

What is the opportunity cost of being involved in an activity at Tiger Period?

• having to do homework after school

• not being present in homeroom

• having to pay money to buy lunch

Which is NOT a need of a country?

• hospitals

• schools

• amusement parks

• roads and highways