What is the main difference between wants and needs?

Needs are necessary for survival, wants are not.

Which of the following is an example of a tradeoff? Buying both a phone and a laptop, Choosing to study instead of going to a party, Getting everything you want, Having unlimited resources

Choosing to study instead of going to a party

Opportunity cost is best defined as:

The next best alternative you give up when making a choice

Which of the following is an example of scarcity? Unlimited supply of water, Only a few tickets available for a concert, Free access to all goods, Everyone gets what they want

Only a few tickets available for a concert

A company decides to use its land to build a factory instead of a park. What is the opportunity cost of this decision?

The park that could have been built

Which of the following scenarios best illustrates a tradeoff? A student buys both a sandwich and a drink, A family chooses to spend money on a vacation instead of a new TV, A store gives away free samples, A person receives a gift

A family chooses to spend money on a vacation instead of a new TV

Which of the following best describes the relationship between wants, needs, and scarcity? Options: Needs are unlimited, wants are limited, and scarcity does not exist; Wants and needs are both unlimited, but resources are limited, leading to scarcity; Scarcity only affects wants, not needs; Scarcity is not related to wants or needs

Wants and needs are both unlimited, but resources are limited, leading to scarcity

A restaurant owner must decide whether to buy a new oven or hire another chef. What should the owner consider when making this decision?

The benefits and tradeoffs of each option

A government is deciding how to allocate limited funds between healthcare and education. How should it approach this decision to maximize societal benefit?

Analyze the needs and potential outcomes of each sector before making a balanced decision

A company has limited resources and must choose between producing smartphones or laptops. How can the company use opportunity cost to make its decision?

By considering which product will bring the highest return and what is given up by not producing the other

Suppose a country has a limited supply of oil. How should it decide whether to use the oil for transportation or electricity generation?

Evaluate the tradeoffs and opportunity costs of each use to determine which provides the greatest overall benefit

A family has a budget that allows them to either go on vacation or renovate their home, but not both. How should they decide which option to choose?

Consider the long-term benefits and opportunity costs of each option before making a decision

A business is facing a shortage of skilled workers and must decide whether to invest in training current employees or hire new staff. What is the best approach to making this decision?

Evaluate the costs, benefits, and long-term impacts of both options to make a strategic choice.

1.1, 1.2 Understanding Economic Concepts Flashcard Flashcards

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30 questions

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1.

FLASHCARD QUESTION

Front

Which of the following is an example of a need? Designer shoes, Clean water, Video games, Concert tickets

Back

Clean water

2.

FLASHCARD QUESTION

Front

What is a good?

Back

A physical item that can be bought or sold

3.

FLASHCARD QUESTION

Front

Which of the following is a natural resource? A factory, Coal, A delivery truck, A cashier

Back

Coal

4.

FLASHCARD QUESTION

Front

Who is considered a human resource?

Back

A teacher

5.

FLASHCARD QUESTION

Front

Which of the following is a capital resource? Oil, A river, A factory machine, A farmer

Back

A factory machine

6.

FLASHCARD QUESTION

Front

Scarcity means:

Back

Resources are limited and cannot meet all wants

7.

FLASHCARD QUESTION

Front

Which of the following best describes a service? A car, A haircut, A book, A computer

Back

A haircut

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