Econ Vocab

What is an opportunity cost?

• The value of the next best option that is not selected when a choice is made.

• There is not enough of it.

• Things people make to earn money

• Actions people do to earn money.

Resources such as tools, machinery, and money used in the production process -

• Human

• Land

• Capital

Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?

• ride 4- wheelers

• work overtime for his boss

Going to a doctor for a physical is

• A good

• A service

What is economics?

• The study of money
• The study of how people choose to use limited resources
• The study of governments and citizens
• The study of the past

Which of the following is a characteristic of a scarce resource?

• Scarce resources must be expensive
• Scarce resources must be unlimited in quantity
• Scarce resources must have only one use
• Scarce resources must be desireable

Which of the following is NOT one of the three questions of economics?

• What to produce?
• How to produce?
• For whom to produce?
• When to produce?

What is scarcity?

• The study of how people choose to use limited resources
• The problem of unlimited wants and limited resources
• The problem of limited wants and unlimited resources
• The problem of having too few options

A mine worker is an example of which factor of production?

• Land
• Labor
• Capital
• Entrepreneurship

What is the value of the next-best alternative when you make a trade-off?

• Fruit snacks
• Opportunity Cost
• Scarcity
• Second-Best