economics 1

Opportunity Cost is 

• The alternatives you didn't choose
• The second best alternative 
• The negative aspects of an action
• The choice you made

Which is true about scarcity?

• All resources are scarce but some are more scarce than others
• Scarcity will go away if people use their resources to their fullest potential
• Scarcity does not exist in places where people are rich
• Scarcity is not a reason why people have to make economic decisions

Which statement is true

• Scarcity doesn't exist for everyone
• Nothing in life is free
• Rarely do we use economic thinking
• Sometimes there is no downside to a decision

Which concept is most fundamentally related to scarcity?

• Choice
• External costs
• Benefits
• Learned behaviors

If you decide to relax (leisure) for 7 hours instead of 5, what is your opportunity cost?

• 2 hours of study
• 2 hours of leisure
• 5 hours of leisure
• 5 hours of study

FOOD

• want 
• need

• want 
• need

SHELTER

• want 
• need

• need
• want 

AIR

• need
• want