WorksheetsUnit 1 Test Review Fall 2023
Total questions: 18
Worksheet time: 14mins
Define the term "opportunity cost."
The cost of pursuing an opportunity.
A fee you pay to submit a college application.
Everything you give up when you make an economic choice.
The next-best thing you give up when you make an economic choice.
Mr. Umstot goes to the movies and sees two movies playing that he really wants to see. He decides to see Black Widow instead of Avatar 2. What is his opportunity cost for seeing Black Widow?
Black Widow
Avatar 2
The cost of the ticket and popcorn
Going to sleep early
The study of how people seek to satisfy their needs and wants by making decisions
Economics
Fiscal Policy
Cooperative
Free Trade
Factors of Production
Land, Labor, Capital, Entrepreneur
Land, Labor, Cost
Human Capital and Physical Capital
Land, Labor, Entrepreneur
The process of distributing resources, goods, and services.
Scarcity
Wants
Trade Offs
Allocation
A graph that shows alternative ways to use a country's productive resources.
Supply and Demand Graph
Production Possibilities Curve
Law of Increasing Cost
Under-utilization Chart
Something necessary for survival.
Needs
Wants
Have nots
work ethic
Which of these explains a want, not a need?
Shelter: If you don't have this you could possibly die in cold weather
Chocolate: People like to eat this as a sweet treat, some may think it's delicious.
Protein: This is important for having good health. It provides valuable nutrients.
Clothes: You wear these to stay warm and out of jail.
The definition of a need is: Something that is essential for life and ________ to __________.
necessary, survive
essential, life
necessary, essential
essential, survive
In order to stay out of debt, it is important to put your needs before your wants.
True
False
