True: Economics is the study of choices, Getting a haircut is an example of service , A good is something you can hold and touch, Labor is performed by a person to make a good or service, Capital are tools that help you make a good or service, Opportunity cost is your 2nd choice, An entrepreneur has an idea for a new good or service, You can only have one opportunity cost, Households buy goods and services from businesses in the product market, Households sell resources to businesses in the resource market, Scarcity is a condition that forces people, businesses, governments to make choices, Microeconomics studies the choices of individuals and businesses, False: You can have 2 opportunity costs, A machine is an example of labor, An example of land is a hammer, A new phone is a need, Only services require resources , Scarcity goes away after you get paid, Economics is the study of money, A cost of a decision is good or positive, Businesses sell goods and services to households in the resource market, When businesses have less money they can buy more resources, Resources are scarce because we make so many choices, Microeconomics and macroeconomics study the same choices,

Vocabulary Practice: True/False

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