Economics

In the West African empire of Mali, gold was a(n)-

p. 3 or 6

• capital resource

• natural resource

• economic choice

• human resource

Why does specialization encourage trade?

p. 10

• People want goods and services they do not have.

• The price of goods and services decreases with specialization.

• Specialization encourages people to travel and spend money.

• Specialization provides different jobs in a community.

What is an opportunity cost?

p. 7

• The choice between two possibilities.

• The choice that is given up when a decision is made.

• The decision-making model used to make a choice.

• A type of economic specialization.

Which two images show capital resources?

p. 4

• 
• 
• 
• 

Natural resources are -

p. 3

• goods made by people and use to produce other goods and services.

• people working to produce goods and services.

• materials that come directly from nature.

• things that people make or use to satisfy their needs and wants.

In this graphic, the miner is a-

p.1

• consumer

• capital resource

• producer

• natural resource

In this graphic, the natural resource is-

p. 6

• pots

• metals

• tools

• the miner

Virginia specializes in the production of which goods and services?

p. 9

• Olive picking and grapes

• Silk making and rice

• Shipbuilding and coal

• Gold mining and salt

Which two are examples of capital resources found in ancient Egypt?

p. 4

• Farmers

• Water

• Fish

• Plows

• Irrigation systems

Why do people make choices?

p. 7

• Because some choices do not have opportunity costs

• Because they cannot have everything they want

• Because regions often specialize in certain goods and services

• Because resources are used to produce goods and services