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Ch1 Scarcity & Opportunity Cost

Ch1 Scarcity & Opportunity Cost

Assessment

Flashcard

Life Skills

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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9 questions

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1.

FLASHCARD QUESTION

Front

True/False: Human wants will always exceed available resources.

Back

TRUE

2.

FLASHCARD QUESTION

Front

These are the things we desire to have.

Back

Wants

3.

FLASHCARD QUESTION

Front

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

Back

Scarcity

4.

FLASHCARD QUESTION

Front

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

Back

Choices

5.

FLASHCARD QUESTION

Front

When you make a choice, you often have to give up other options...those things are called the...

Back

Opportunity Cost

6.

FLASHCARD QUESTION

Front

What is opportunity cost?

Back

what you give up to make a choice

7.

FLASHCARD QUESTION

Front

What is scarcity?

Back

Not having enough resources

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