Economic Choice and Opportunity Cost Flashcard

Front

Economics is the study of how people ___________.

Back

make, use and trade things to make their lives easier.

Front

True or false. People can have everything they want.

Back

False

Front

True or False: All choices require giving up something else.

Back

True

Front

You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your_____________.

Back

opportunity cost

Front

What is the next best choice that is given up when a choice is made?

Back

opportunity cost

Front

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

Back

opportunity cost

Front

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

Back

Capital Resources

Front

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

Back

Consumer

Front

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?

Back

You gave up buying a book.

Front

____________ are things that people make or use to satisfy their needs and wants.

Back

Goods