Economics Review

Which productive resource combines other resources in an attempt to make a profit?

Andy chose to spend the money on the new paintbrush instead of saving for cool paints. What is the opportunity cost?

Why do people have to consider their opportunity cost when choosing how to save or spend money?

What good is made somewhere else in the United States (not local)

Governments provide certain types of goods and services and pay for them with _________

What is an example of a local good?

Which 2 are goods and services provided by the government?

What does it mean if goods and services are allocated by price?

Mary chops wood with an ax to sell as firewood during the winter months. Which is the capital resource?

Most countries create their own __________ for use as money. 

What good is made somewhere else in the United States (not local)

What is an example of a local good?