R: Scarcity & Opportunity Cost

Front

These are the things we desire to have.

Back

Wants

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

Scarcity is only a problem for poor people.

Back

False

Front

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. What is the opportunity cost of her decision?

Back

college

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

Front

Iron, minerals, coal and plants are examples of which productive resource?

Back

land

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Which factor of production would you consider a cow? Options: Land, Labor, Capital, Entrepreneur

Back

Land

Front

What resource(s) are represented in this image?

Back

Labor and capital resource