SOL Review #4: Economic Terms

Match it! Select the correct answer from the pull down...Good luck!

Resources are...

Mr. Blankenship has to choose between a new tie or a new belt. He decides to buy a new tie, so his opportunity cost would be...

A friend tells you that there is a shortage of Hot Fries in Virginia Beach. What do you expect to happen to the price of Hot Fries?

I have only $3 to spend for lunch at McDonalds. This is a great example of...

This word describes what is given up when a choice is made...

This word describes selecting an item from a set of alternatives...

Our basic economic problem based on the inability to satisfy all wants at the same time because of limited resources is called....

Foot Locker has a buy one get one free sale on all of their shoes. This is a great example of...