Vocabulary Terms

All resources are limited therefore choices have to be made.

• Opportunity Cost

• Demand

• Scarcity

• Natural

The item you didn't choose when faced with a choice. The next best thing.

• Opportunity Cost

• Demand

• Scarcity

• Capital

Things that occur in nature that we can use to produce goods and services.

• Capital Resources

• Human Resources

• Entrepreneur Resource

• Natural Resources

The resource that comes up with the idea and is willing to take the risk in order to make a profit

• Capital

  resource

• Entrepreneur Resource

• Natural Resource

• Human Resource

A selection of an item from a set of possible alternatives

• Demand

• Supply

• Resources

• Choice

The amount that you pay for an item is called

• Price

• Opportunity Cost

• Choice

• Supply

What did the skeleton order at McDonald's

• A number 1

• A diet coke and a mop

• Holiday Pie

• Shamrock Shake

Which is NOT a characteristic you want in your money?

• Divisible (able to be divided)

• Recognizable (people know what it is)

• Portable (you can carry it)

• Amiable (it's nice and friendly)