Basic Economic Decisions

Which of the following is a factor of production?

• economy

• business

• capital

• ideas

Benefits that are lost when choosing one option over another.

• factors of production

• scarcity

• goods

• opportunity cost

Where did the movie Kit took place?

• New York

• Cincinnati

• San Francisco

• Minnesota

What did PWA stands for?

• Public Works Administration

• Public Works Authority

• Prohibition Works Administration

• People Work Administration

The study of how people, which includes countries and companies, make choices on buying, selling, using, and distributing things.

• opportunity cost

• good

• economics

• scarcity

The demand for a good or service is greater than the availability of the good or service is ____?

Things that we will like to have are_______?

Draw an example of an economic decision.

Which of the following is an example of a service?

• getting a hair cut

• buying groceries

• buying make-up

• going on vacation

Anything that it used to make a good or service is a___?

• good

• capital

• resource

• tools