Introduction to Economics - Scarcity and Opportunity Cost

Front

Economics is defined as...

Back

The study of how society uses its limited resources

Front

What was the opportunity cost of my decision to choose pizza over Chinese food?

Back

The Chinese food I didn't order

Front

Limited Resources + Unlimited Wants = ?

Back

Scarcity

Front

A trade-off is...

Back

when you choose one thing which can only be gotten by giving up something else

Front

These are the things we desire to have.

Back

Wants

Front

Scarcity is only a problem for poor people.

Back

False

Front

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. What is the opportunity cost of her decision?

Back

college

Front

When "wants are greater than the resources available to satisfy them," it is called...

Back

Scarcity

Front

Because of scarcity, people are forced to make _________ about how to use resources.

Back

Choices

Front

What are the three economic questions?

Back

What to produce? How to produce? For whom to produce?