Test your understanding of lesson 4.
Lesson 4: “Robinson Crusoe” Economics
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Question 1 of 2
Producer or Consumer Good:
Identify the following as (most likely) producer or consumer
A. Producer good(s) B. Consumer good(s)
“1. A glass of iced tea. “
“2. Robinson Crusoe’s coconuts. “
“3. Robinson Crusoe’s long stick. “
“4. A paring knife. “
Question 2 of 2
Matching Essential Terminology:
Place the appropriate term on the line beside its description.
- Land/Natural Resources
- Opportunity Cost
- Marginal Utility
- Capital Goods
To use resources being mindful of their scarcity.
Scarce items that can help a person achieve his or her goals.
The flow of productive services performed with your body.
The subjective value placed on the next-best alternative that must be sacrificed in any choice.
When someone consumes less than his or her income.
When factors of production are devoted to future income, rather than immediate consumption.
The evaluation of the importance of goods on a unit by unit basis.
Factors of production that are created by people.