Scarcity

Front

Which category does the image of various fruits and vegetables belong to? Options: Clothes, Food, Technology, Water

Back

Food

Front

Which of the following is an example of a need? A new smartphone, Clean drinking water, Designer clothes, A luxury car

Back

Clean drinking water

Front

Which of the following is an example of a want? Food, Shelter, Medical care, A vacation

Back

A vacation

Front

According to the text, what is a consequence of almost every decision we make?

Back

Economic consequences

Front

Why is it important for us to understand scarcity?

Back

To make informed decisions and prioritize needs

Front

What is the definition of opportunity cost?

Back

The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

Front

What does the learning material suggest is a trade-off when choosing to study for an exam?

Back

Time spent with friends

Front

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

Back

Choices

Front

A trade-off is

Back

an alternative that we sacrifice when we make a decision.

Front

Amber was shopping at the mall with $80. She found three items: $75 for shoes, $70 for a jacket, and $62 for a dress. After deciding to borrow shoes and buy the jacket for $70, what was her opportunity cost?

Back

Dress