Economic Choices and Consequences

Match the definition with the correct term. Which definition goes with number 1?

• When people make a choice together as a society.
• Consequences that are felt or seen immediately.
• Consequences that are not felt or seen until years or decades later.
• A thing that is regarded as more important than alternatives.
• One's judgement, principals or standards of behavior.

Match the definition with the correct term. Which definition goes with number 2?

• When people make a choice together as a society.
• Consequences that are felt or seen immediately.
• Consequences that are not felt or seen until years or decades later.
• A thing that is regarded as more important than alternatives.
• One's judgement, principals or standards of behavior.

Match the definition with the correct term. Which definition goes with number 3?

• When people make a choice together as a society.
• Consequences that are felt or seen immediately.
• Consequences that are not felt or seen until years or decades later.
• A thing that is regarded as more important than alternatives.
• One's judgement, principals or standards of behavior.

Match the definition with the correct term. Which definition goes with number 4?

• When people make a choice together as a society.
• Consequences that are felt or seen immediately.
• Consequences that are not felt or seen until years or decades later.
• A thing that is regarded as more important than alternatives.
• One's judgement, principals or standards of behavior.

Match the definition with the correct term. Which definition goes with number 5?

• When people make a choice together as a society.
• Consequences that are felt or seen immediately.
• Consequences that are not felt or seen until years or decades later.
• A thing that is regarded as more important than alternatives.
• One's judgement, principals or standards of behavior.

Which examples are present consequences of an economic choice? (Choose 2)

• Someone pays less money for an imported item.
• A person’s family life improves with the purchase of an item.
• A local supplier goes out of business because people have bought more imports.
• Five years from now, there will be enough money saved to go to college.

A manufacturing business invests in new technology and staff training today. Which examples describe possible future consequences of this economic choice? (Choose 2)

• Employees are excited that they get to learn new skills.
• Business profits increase every year for the next five years.
• The company develops a reputation as a great place to work.
• The business has less money to spend and must cut its advertising budget.

Which two statements describe the economic choices made by individuals and societies?

• They differ.
• They are relative.
• They are identical.
• They are transitional.
• They remain the same.

Choose the correct term that describes whether each statement refers to a present consequence or a future consequence. Buying a car made in the United States saves money.

• present consequence
• future consequence

Choose the correct term that describes whether each statement refers to a present consequence or a future consequence. A local import dealership benefits when I purchase an import car from them.

• present consequence
• future consequence