Intro to Economics

Front

Because resources are scarce, all choices involve trade-offs, which means every choice has an opportunity cost.

Back

True

Front

Which description is true about Opportunity Cost?

Back

It always exists when any choice is made.

Front

What is George's opportunity cost after buying the Adidas shoes with his $250 bonus? Options: the Air Pods, the shoes, the coat, the cash

Back

the Air Pods

Front

Economics can be best described as the study of: Money, Choices, Graphing, the Government

Back

Choices

Front

The condition of scarcity can be described as one that

Back

exists when our unlimited needs/wants exceed our limited resources

Front

Scarcity occurs because of: Limited Resources, Unlimited Needs, Abundant Resources, Selfishness

Back

Limited Resources

Front

What is the best definition of the word "marginal" in economics?

Back

Additional

Front

According to marginal analysis, a person should choose to do an action/activity or make a purchase if the marginal benefit is greater than the marginal cost.

Back

if the marginal benefit is greater than the marginal cost