Mary, Ben, and Tom all want to have a cookie. There are two cookies left in the bag. Are cookies scarce?
Yes!
100
Which item is a good?
A. A headband
B. Going to see a movie at the movie theater
C. Going to kroger
D. Getting a hair cut
A. A headband
100
Dan is at Papa Johns and is deciding between cheese pizza and pepperoni pizza. He decides to have cheese pizza. What is his opportunity cost?
Now he cannot have pepperoni pizza.
100
Frank decides to hold a bake sale and sells cookies. Is Frank a consumer or a producer?
Frank is a producer!
100
What are the three types of resources?
Human, natural, and capital.
200
In economics, something is scarce when:
A. There is not enough for everyone to have all they want
B. You can get it at no cost
C. Everyone has exactly how much they want
D. No one wants it
A
200
Which of the following is a service?
A. French fries
B. Scissors
C. Getting your room painted
D. Napkins
C. Getting your room painted
200
Emma wants to join the school chorus and the school dance team, but they both meet at the same time, so she can't go to both. She decides to join chorus, what is her opportunity cost?
Emma cannot be on dance team now.
200
Jake is holding a yard sale to sell his old toys that he doesn't play with any more. Amy comes to his sale and buys a jump rope. Who is the consumer and who is the producer?
Amy is the consumer and Jake is the producer.
200
Which is NOT a natural resource?
A. Water
B. Apples
C. Grapes
D. A table
D. A table
300
Jessica, Arnold, Kara, and Mandy all want to have an ice cream cone. There are 6 ice cream cones left. Are ice cream cones scarce?
No!
300
Gabbie has $20.00 she wants to spend. She spends $5.00 on a new toy, $1.00 on a candy bar, and uses the other $14.00 to pay her brother to clean her room for her. What are the two goods she spent her money on?
A new toy and a candy bar.
300
Mr. Brown runs a business. He can either produce the service of raking leaves or mowing lawns. He decides to mow lawns, what is his opportunity cost?
Now he cannot make money by raking leaves.
300
Businesses produce the goods and services we want by:
A. Saving them
B. Wanting them
C. Borrowing them
D. Producing them
D. Producing them
300
To put on a play the kids in econ and me needed actors, people to make props, scrips, and sunlight. Which of these things is a natural resource?
Sunlight
400
Ann, Sean, and Hannah have $2.00 to spend on puzzles. They each want to have a puzzle. When they get to the store they find out puzzles cost $1.00 each. If they spend all their money on puzzles, will there be a scarcity of puzzles?
Yes!
400
Brittany's dad takes her to get her hair cut. Did Brittany's dad pay for a good or a service?
A service!
400
Laura and Hank's mom says that they can either go to Florida or New York for vacation. Laura wants to go to New York and Hank wants to go to Florida. They finally decide to go to New York. What is Hank's opportunity cost?
Hank cannot go to Florida.
400
Peter is low on money so he decides to mow grass for his neighbors to make some extra money. Is Peter a consumer or a producer? What is he consuming or producing?
Peter is a producer and he is producing the service of mowing grass.
400
Which is a capital resource?
A. A person who works at target
B. A computer
C. Water
D. Bananas
B. A computer
500
Lexi, Jim, Sarah, and Michael are at the pet store and they each want to buy a hamster. The pet store has two black hamsters, three brown hamsters, and a white hamster available to buy. Is there a scarcity of hamsters?
No!
500
Max gets $5.00 from doing his chores. He decides to use his money to go bowling. Did Max spend his money on a good or a service?
A service!
500
When you make a decision there will....
A. Sometimes be an opportunity cost
B. Never be an opportunity cost
C. Always be an opportunity cost
D. There will be an opportunity cost half the time
C. There will always be an opportunity cost
500
Kelly is very thirsty so she goes to kroger and buys some juice. Is Kelly a consumer or a producer? Is Kelly producing or consuming a good or a service?
Kelly is a consumer and she is consuming juice which is a good.
500
Which of the following people is a human resource?
A. Carson who is buying a lego set.
B. Mark who is selling lemonade at a lemonade stand.
C. Callie who is drinking lemonade
D. John who is buying chocolate pudding
B. Mark who is selling lemonade at a lemonade stand