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

In economics a decision is free if:

Back

A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.

Front

The opportunity cost of a good is

Back

the alternative goods forgone.

Front

Amber was shopping at the mall with $80. She found three items: $75 for shoes, $70 for a jacket, and $62 for a dress. After shopping, she decided to borrow shoes and buy the jacket for $70. What was her opportunity cost?

Back

Dress

Front

What was Tom's opportunity cost after selecting the Ford over the Honda?

Back

Honda

Front

What is it called if we ran out of coffee creamer?

Back

Scarcity

Front

Limited Resources + Unlimited Wants =

Back

Scarcity

Front

A trade-off is

Back

an alternative that we sacrifice when we make a decision.

Front

Which of the following best describes the relationship between trade offs and opportunity cost? Options: opportunity costs happen because of trade offs, opportunity costs are the opposite of trade offs, trade offs lower the opportunity cost of an economic decision, trade offs occur when there are no opportunity costs

Back

opportunity costs happen because of trade offs