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Unit 05 (1c-2c)

White 02 - Unit 5 (1c-2c)

QuestionAnswer
What is the value of what is given up when making a choice? Opportunity Cost
You work after school to earn money to buy your first car. What is your opportunity cost? Participating in after school activities
Offering a discount on a product is an example of – An incentive
What is the combining of resources to make goods or provide services? Production
What is using goods and services called? Consumption
What determines what is produced and consumed? Consumer preference, price, and resources available
What is the creative force that drives businesses to improve and stay relevant? Innovation
What is the wise and efficient use of resources? Productivity
Created by: Warren_Fisher
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