what is economics

In economics, the value of the next best alternative is called _________.

• Scarcity
• Productivity
• Opprotunity Cost
• Supply and Demand

In economics, resources are: 

• Anything used to create something else
• The environment in general
• Specifically lumber and water
• Capital only

The study of economics is primarily concerned with:

• demonstrating that capitalistic economies are superior to socialistic economies. 
• determining the most equitable distribution of society's output.
• keeping private businesses from losing money.
• choices/decisions that are made due to lack of resources

Opportunity Cost is best defined as

• the value of the next best alternative that is given up due to the choice you made 
• The price you pay to purchase something 
• The benefit you gain by making a decision 
• The amount of debt you take on by making a decision 

What is the fundamental problem of every society?

• labor costs
• scarcity
• economic interdependence
• market fluctuation

This economic concept that nothing is truly free; everything has a cost. 

• scarcity
• opportunity cost
• TINSTAAFL - There is no such thing as a free lunch
• You break it, you buy it

Basic things humans need to survive

• need

• want

• import

• demand

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.

• scarcity
• needs
• wants
• microeconomics

In economics, resources are: 

• Anything used to create something else
• The environment in general
• Specifically lumber and water
• Capital only