Economics Review

To be successful, a business should (choose the best option):

An example of specialization is when Joe, Anthony, and Sally:

Which of the following is an example of a capital resource?

Melissa would like to spend her money on a service. Which of the following would shepurchase?

Alberto bought asoccer ball for $20 from a local soccer store. As a result of this trade

Which item is not a good or a service?

Everyone at your school wants Takis but the store doesn’t have any in stock! What ishappening?

In economics, something is scarce when...

What tells us how scarce a good is compared to other goods?

Al uses a hoe to grow corn. He wants to produce more, so buys atractor. He increased production

If the supply of wheat increases and demand doesnt change, we expect the price of wheat to 

Opportunity cost means...

The reason an assembly line was invented during the Industrial Revolution was to:

Jeff wants to produce chairs or windows. He will produce chairs. The opportunity cost is:

If it costs Anna $4 to make a book and she sells it for $15, what is her profit?

What is it called when different countries rely on each other for products?

Which of the following would probably increase the demand for a toy?

Which of the following would cause the cost of PRODUCING a bird house to change?

Businesses provide the goods and services we want by

The three basic kinds of productive resources used to produce a house are: