Scarcity and Opportunity Cost Flashcardziz

Front

These are the things we desire to have.

Back

Wants

Front

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

Back

Choices

Front

Amber was shopping at the mall with $80. She decided to borrow shoes and buy a jacket for $70. What was her opportunity cost?

Back

Dress

Front

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

Back

Honda

Front

Limited Resources + Unlimited Wants =

Back

Scarcity

Front

In economics, when discussing the factors of production, the term land refers to

Back

all natural resources.

Front

Opportunity Costs

Back

The cost of making one decision over another.

Front

Tools we use to make products

Back

capital resources

Front

A person who buys goods and services

Back

consumer

Front

Individuals who come up with a new idea for a good or service, then they make it a reality.

Back

entrepreneur