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WorksheetsOpportunity Cost and Specialization
Total questions: 10
Worksheet time: 5mins
The CHOICE of or decision among alternatives or possibilities is called-
opportunity cost
producer
economic choice
consumer
Julia had $5 to spend. She wanted a toy and video game, but she only had enough money to buy one. She decided to buy the video game and put the toy back. What was her opportunity cost?
toy
video game
store
money
Roberto went to the store to buy soda and chips. He decided to buy only chips. What was the opportunity cost?
chips
soda
picnic
money
At the store a boy is trying to decide if he wants to spend his money on a new jacket or a pair of cool boots. This is an example of-
specialization
economic choice
human resources
interdependence
A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?
interdependence
specialization
opportunity cost
barter
The Candy Cane Company focuses on making only one product. This is called-
trade
independence
region production
specialization
Why do people trade?
to make friends
to get things they already have
to be popular
to get things they need and want but do not have
All of the following are ways to pay someone EXCEPT-
trade
money
read
taxes
What is an example of specialization?
Selling the best pizza at Pizza Hut
Selling toilet paper at Wendy's
Giving the best hair cuts at a school
Giving the best paint jobs at a gym
What good does Toys R Us specialize in?
donuts
candy
pizza
toys
