Economics Review

Question 1

Ms. E wants to go to the moviesbut she also wants come new shoes.What is the opportunity cost if she goes to the movies?

Accepted Answer

new shoes

Question 2

A person who uses natural, capital, and human resources and tries to make a profit

Accepted Answer

Entrepreneurship

Question 3

Ms. H wants to buy a Diet Coke. She also wants to buy some M&Ms. What is the opportunity cost if she buys a Diet Coke?

Accepted Answer

M&Ms

Question 4

Goods that are used to make other goods or perform a service

Accepted Answer

Capital Resources

Question 5

A thing you can buy, like merchandise. Example: shoes

Accepted Answer

good

Question 6

Anything found in nature that humans can use

Accepted Answer

Natural Resources

Question 7

Ed wants to go to the movies but she also wants new shoes.What is the opportunity cost if she decides to buy the shoes?

Accepted Answer

movies

Question 8

Anyone who buys a good or a service. Example: a shopper

Accepted Answer

consumer

Question 9

What you give up when you decide to spend or save money

Accepted Answer

Opportunity Cost

Question 10

Any kind of work performed for others. Example: a haircut

Accepted Answer

service

Question 11

People who work to create a good or perform a service

Accepted Answer

Human Resources

Question 12

The money a country uses

Accepted Answer

Currency

Question 13

Ms. H wants to buy a Diet Coke. She also wants to buy some M&Ms. What is the opportunity cost if she buys the M&Ms?

Accepted Answer

Diet Coke

Question 14

Anyone who makes or grows a good, or performs a service. Example: A store owner

Accepted Answer

producer

Questions 14