A city has one vacant lot and must choose between a public garden and a parking garage. The value of the garden forgone is the project's what?

A drought leaves farmers with less water than they want for every crop they could grow. Which term describes this condition?

A bakery hires workers to mix dough, decorate cakes, and operate the register. These workers are which factor of production?

A restaurant owner buys a new industrial refrigerator to keep ingredients cold. The refrigerator is which factor of production?

A software developer leaves a salaried job, organizes investors, and starts a company that sells an app. This role illustrates what factor of production?

A furniture maker uses oak trees, soil, and a stream on a property as inputs. These natural inputs are which factor of production?

At $3 per gallon, drivers buy more gasoline than stations have available at that price. This market condition is a what?

A student compares the extra enjoyment of one more hour of studying with the extra time it costs. The extra enjoyment is the what?

A shoe company can make either 200 pairs of running shoes or 100 pairs of hiking boots with its available resources. This limit is shown by a what?

A local coffee shop lowers the price of iced drinks after nearby competitors offer similar drinks. The competitors' offers change the shop's what?

A family buys a washing machine for use at home. The machine is a what?

A homeowner pays a plumber to repair a leaking pipe. The plumber's repair is a what?

Which term do economists use for the study of how people and societies allocate scarce resources among unlimited wants?

Which term names something required for basic survival or well-being, such as food or shelter?

Which term names a desire for something that is not necessary for survival, such as a new video game?

Which branch of economics examines economy-wide measures such as inflation, unemployment, and gross domestic product?

Which branch of economics examines how one household, business, or market makes choices?

Which term refers to the knowledge, education, training, and skills that make workers more productive?

Which term refers to machines, tools, and buildings used to make goods or provide services?

Which term describes weighing what a decision is expected to gain against what it is expected to give up, before making the choice?

Which term describes using limited time, money, and resources carefully to get the most satisfaction possible?

Which term names the satisfaction or usefulness a consumer receives from a good or service?

Which situation shows a business using capital rather than labor, land, or entrepreneurship?

Which situation is an example of human capital?

Which question is a microeconomic question?

Which question is a macroeconomic question?

Which situation shows an efficient use of resources?

Which situation shows underutilization of resources?

Which situation is an example of a service purchased by a consumer?

A student gives up a concert, a weekend trip, and extra work hours to attend a college visit. The concert was the student's second choice. How do opportunity cost and trade-offs differ here?

A student chooses a $90 concert ticket instead of a $90 winter coat. The ticket is a want, while the coat is treated as a need. Why?

A bottling company uses spring water to make its drinks and a truck to deliver them. Which correctly classifies these two inputs?

A student buys a tutoring session online. Is the purchase a good or a service?

A nation adds factories and trains more workers, allowing more output in the future. Is this efficiency or economic growth?

A firm adds one extra delivery driver. The driver's additional wages are $120 per day, and the added deliveries earn $160 per day. Which comparison supports hiring the driver?

In the circular flow model, a household buys a haircut from a salon. Is the haircut sold in the factor market or product market?

A city wants a new park, but its workers and materials could instead be used to repair bridges. Is this scarcity or a shortage?

A business owner compares two projects and selects the one with expected benefits greater than expected costs. Is this rational choice or an incentive?

A worker learns spreadsheet skills that help her produce reports faster. Is the new skill labor or human capital?

A grocery chain studies why shoppers switch from one cereal brand to another after a price increase. Is this microeconomics or macroeconomics?