AP Macro Unit 1 Scarcity and Opportunity Cost

Front

How does scarcity influence economic choices?

Back

It forces individuals to make decisions

Front

Economics

Back

Study of how people use resources

Front

Why is opportunity cost important in decision-making?

Back

It helps in evaluating the cost of alternatives

Front

What does microeconomics focus on?

Back

Individual and business decisions

Front

Every economic decision has multiple _______.

Back

Trade-offs

Front

How many opportunity costs does every economic decision have?

Back

One

Front

What is a trade-off when going to economics class?

Back

Missing a part-time job

Front

Which of the following is NOT a trade-off? Choosing between two jobs, Deciding to study or work, Spending time with family, Gaining a new skill

Back

Gaining a new skill

Front

Opportunity cost is best described as:

Back

The value of the next best alternative

Front

In economic terms, what does making a decision involve?

Back

Evaluating trade-offs and opportunity costs