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Economic Choice Vocabulary Flashcards | StudBud

Explore/Economic Choice Vocabulary

Economic Choice Vocabulary

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Questions 11

Answers

1
A fry cook is considered a Natural Resource.
False
True
2
True or false a want is something people have to have to survive?
False
True
3
What is an example of a Capital?
A pick axe for a miner.
Ads for a Movie.
Richmond, Va.
Trees in a forest.
4
What is every item in the world is made out of?
Resources
Humans
Needs
Wants
5
How can people be motivated to make a choice?
Deception
Incentives
Force
6
What is the meaning of scarcity?
Human workers at a company.
A limited number of resources.
Inventing something.
The ability to get everything you want.
7
John decided to get a new bike instead of getting an Xbox. What is the opportunity cost in this example?
The Xbox.
Both the Xbox and the bike are
There is no Opportunity Cost
The Bike.
8
What is the meaning of Production?
The combination of different types of resources.
The consumption of an item.
The gathering of resources.
The choice between two separate items.
9
What are 4 types of Resources?
Earth, Wind, Fire, Air
Human, Elements, Capital, and Entrepreneurship
Human, Natural, Capital, and Entrepreneurship
Workers, Natural, Capital, Entrepreneurship
10
Scarcity makes people do what?
Make zero choices at all.
Make Choices.
Have Resources.
Pick Wants over Needs.
11
People creating a business is an example of which resource.
Capital
Natural
Entrepernuership
Human