Economics

Billy's grandma gave him $50 for his birthday. He could buy the new Lego set he has been wanting or he could buy a new baseball mitt. He decides to buy a baseball mitt. What is his opportunity cost?

• baseball mitt

• Lego set

Money is a ___________ resource.

• natural

• capital

• human

Match the following productive resources

• Dentist

• Natural

• Yarn

• Human

• Silver

• Capital

Chick Fil A offers a discounted meal if you wear a cow costume on Halloween. This is a ___________________.

• positive incentive

• negative incentive

• risk

• productive resource

If the supply is ​ (a)   and the demand is ​ (b)   , the price will decrease.

• high
• low

An action or work that someone provides

• incentive

• good

• profit

• service

the products that people buy and sell

• good

• supply

• demand

• service

a chance someone takes when making a decision

• trade-off

• decision

• opportunity cost

• risk

the amount of something that is available to customers

• demand

• producer

• supply

• consumer

the people who buy the goods and services

• consumer

• supply

• producer

• demand