Economic Choices

The buying and selling of scarce goods and services is called _____.

• economics.

• politics.

• geography.

• government.

Things you buy that you can "physically touch" are called _____.

• goods.

• services.

• opportunity cost.

• choice.

The idea that there is only a limited amount of something is called ____.

• opportunity cost.

• scarcity.

• choice.

• goods.

In economics, scarcity requires people to make ____.

• choices.

• answers.

• questions.

• advice

What you give up when you make a choice is called your _____.

• choice.

• answer.

• opportunity cost.

• decision.

Pepsi or Coke. I choose Coke. Pepsi is my ______.

• opportunity cost.

• answer.

• choice.

• religion.

A veterinarian is a ____.

• good.

• service.

A can of soda is a ____.

• good.

• service.

Olivia normally works after school on Mondays and Wednesdays. Which is her opportunity cost if she adds Tuesday and Thursday afternoons to her work schedule?

• The extra money should could earn.

• The additional hours she spends at her job.

• The time she could spend studying.

• The new clothes she could buy.

In economics, we make choices that bring us the most ____.

• positive benefit.

• negative effects.