Econ Review

Front

What is scarcity?

Back

The condition where unlimited wants exceed limited resources

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GA.SSEF1.a.

Front

Which is an example of a natural resource (land)?

Back

Water

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GA.SSEF1.b.

Front

What is the opportunity cost of attending college instead of working full-time immediately after high school?

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The money you will make. (Wages)

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GA.SSEF1.d.

Front

How do individuals, businesses, and governments make rational decisions?

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By comparing marginal benefits and marginal costs

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GA.SSEF1.d.

Front

What is an example of a positive incentive for businesses?

Back

A government subsidy for solar panels (renewable energy)

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GA.SSEF1.c.

Front

Which of the following best illustrates marginal benefit exceeding marginal cost?

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A student studies for an extra hour because it improves their test score.

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GA.SSEF1.c.

Front

setting up a business and taking a financial risk

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Entrepreneurship

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GA.SSEF1.b.

Front

focusing on the future and not just now

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long term focus

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GA.SSEF1.c.

Front

Which scenario best demonstrates the concept of opportunity cost?

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Choosing one option over another, like choosing to spend money on a vacation over paying a bill.

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GA.SSEF1.d.

Front

Who is affected by the condition of scarcity?

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All people

Tags

GA.SSEF1.a.