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- Multiple ChoicePlease save your changes before editing any questions.
Economic ______ is when a producer focuses on producing selected goods or services.
specialization
scarcity
choice
decision
- Multiple ChoicePlease save your changes before editing any questions.
People have to specialize because they ______.
are required to specialize
have to make a choice
cannot produce everything
need to keep money in savings
- Multiple ChoicePlease save your changes before editing any questions.
What were the specializations of Ancient Mali?
Bananas and Salt
Copper and Gold
Copper and Bananas
Salt and Gold
- Multiple ChoicePlease save your changes before editing any questions.
What is the term that we use to describe the next best choice given up when a economic decision is made?
specialization
choice
opportunity cost
scarcity
- Multiple ChoicePlease save your changes before editing any questions.
Maria has to choose between buying ice cream or potato chips. This is an example of economic ___________________________.
specialization
scarcity
choice
cost
- Multiple ChoicePlease save your changes before editing any questions.
Sam has to make a choice between playing in his soccer game and studying for a big test. He chooses the soccer game. What is his opportunity cost?
winning the soccer game
losing the soccer game
studying for his test
winning a trophy
- Multiple ChoicePlease save your changes before editing any questions.
Your parents gave you four quarters for lunch money. If you had the choice between a hamburger for $1.49 or a hotdog for $0.99, what would help with your economic decision?
scarcity of hamburgers
cost of each item
size of hotdog
size of hamburger
- Multiple ChoicePlease save your changes before editing any questions.
All economic choices require us to ____________.
meet our needs
get all our wants
give up something
save our money
- Multiple ChoicePlease save your changes before editing any questions.
If Lauren had to choose between tacos and pizza, she would choose tacos. What is her opportunity cost?
tacos
pizza
hamburger
- Multiple ChoicePlease save your changes before editing any questions.
Carrie had to choose which activity she would rather do: run or swim. Swimming was her opportunity cost. What did Carrie choose to do?
dance
swim
run
- Multiple ChoicePlease save your changes before editing any questions.
When you get home from school, your mom tells you that you have 30 minutes until you need to start your homework. You can either play a video game or play outside. Why can't you do both?
you don't like both activities
there is a scarcity of time
there is a scarcity of money
mom is mean