Colorado Story Chapter 8

A risk is the thing you give up when you make a choice. 

Hammers, steel, and a copy machine are examples of what type of resource? 

Who makes economic choices?

When you get a sticker for doing a good job, the sticker is an example of what?

Why do people make trade-offs?

What are the three productive resources?

If you don't turn in your homework, you will miss recess. This is an example of what?

Doing something because you get a good feeling inside is an example of what?

What is a negative incentive?

How do we know what goods and services we should produce? 

I gave one dollar for a pack of gum. This is an example of a...

Bonus Question: I decided to use my $50 to go to the baseball game. Was it worth it? 

Making the price of pants lower is an example of what? 

What is a positive incentive?

Which of the following is a risk if you decide to go skiing? 

The needs and wants of people have never ever changed throughout all of history. 

Doctors, teachers, and janitors are examples of what type of resource?

We should try to make the best choices possible to limit our risks. 

If you decide to go to the zoo instead of the movies, what is the opportunity cost?

Animals, plants, and oil are all examples of what type of resource?