Economic Quiz

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

• Producer

• Opportunity Cost

• service

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

• Capital Resources

• Producer

• Service

Material found in nature that people can use.

• Natural Resource

• Human Resource

• Capital Resource

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

• Good

• Consumer

• Producer

Mrs. Bates is a teacher. She provides a

• Goods

• Service

• product

Mrs. Smith is a server at a local restaurant. In a business she is a _______

• Capital Resource

• Human Resource

• Natural Resource

When the demand is high and the supply is low the price goes

• up

• down

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 a book

• You gave up buying the book

• You gave up buying anything

• You got a cookie

Check ALL the answers that show a service

• fire fighter

• cat

• hair dresser

• dentist

When people focus on the production of certain goods and services, this is called 

• trading.

• consuming.

• specialization.

• precipitation