Scarcity & Choices
Opportunity Cost
Consumers & Producers
Innovation and Productivity
Economic Systems
Random
100
This economic problem exists because resources are limited and wants are unlimited.
Scarcity
100
The next best option you give up when you make a choice.
Opportunity Cost
100
A person who buys goods and services.
Consumer
100
This term is defined as creating something new or improving how something is done.
Innovation
100
An economic system where supply and demand determine prices and production.
Free-Market Economy
100
A farmer uses a tractor to harvest crops more quickly. What type of resource is the tractor?
Capital Resource
200
Because of scarcity, people cannot have everything they want and must do this instead.
Make choices
200
Maria spends her Saturday studying for a test instead of going to a friend’s party. What is Maria's opportunity cost?
Going to the party (or free time)
200
A person or business that makes or sells goods.
Producer
200
This term refers to how efficiently goods and services are produced.
Productivity
200
An economic system where the government controls production and distribution.
Command Economy
200
A company uses trees from a forest to make paper. What type of resource are the trees?
Natural Resource
300
In Economics, this term describes a decision made because resources are limited.
Economic Choice
300
A family has limited income and must choose between saving money or buying a new phone. What economic problem is forcing the family to make this choice?
Scarcity (not enough money to do both)
300
This idea explains how consumers’ choices influence what producers make.
Consumer sovereignty
300
These are tools, machines, and knowledge that help people work more and be more efficient.
Technology
300
An economic system that combines private businesses with government regulation.
Mixed Economy
300
When customers stop buying a certain cereal, the company decides to stop making it. What term best supports this scenario?
Consumer Sovereignty
400
This group must make choices because resources are limited: individuals, businesses, or governments?
All of them (Individuals, Businesses, and Governments)
400
Jordan decides to work after school rather than hang out with friends. What is Jordan's opportunity cost?
Hanging out with friends
400
When businesses try to attract the same customers, it is called this.
Competition
400
This is the education, training, and skills that workers have.
Human Capital
400
This term describes how limited resources are distributed.
Allocation of resources
400
A mechanic uses her skills and training to repair cars at an auto shop. What type of resource is the mechanic?
Human Resource
500
When a good becomes scarce, this usually happens to its price.
The price increases
500
Lydia decides to spend Saturday at soccer practice instead of staying home and watching TV. What is the opportunity cost?
Staying home and watching TV
500
Jordan orders a new pair of headphones directly from Amazon. Amazon sells and ships the headphones to Jordan’s house. Who is the consumer and who is the producer?
Consumer- Jordan
Producer- Amazon
500
Mr. Hollifield tries to become a professional race car driver, but he struggles and is not very successful. He decides to return to teaching instead, where he is skilled and effective. In a market economy, what freedom allows Mr. Hollifield to choose the job he is best at, increasing productivity?
Freedom to choose occupations
500
This economic system is what the United States is considered to be.
Mixed Economy
500
In this system, the government decides what goods will be produced, how much will be made, and who will receive them.
Command Economy
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