Econ: Scarcity, Choice, & Opportunity Cost

This Economics term refers to the things you use to create goods and services.

• Resources

• Materials

• Wants

• Scarcities

True/False: Human wants will always exceed available resources.

• TRUE

• FALSE

When "wants are greater than the resources available to satisfy them," it is called...

• Scarcity

• Needs

• Opportunity Cost

• None of these answers

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Houses

• Desires

When you make a choice, you won't get any other option. The 2nd-best thing you have to give up is called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options

Gurnee has 2 acres of unused land. They choose to build another chicken restaurant. Which option would NOT be considered a logical Opportunity Cost of that choice?

• Using the land for farming.

• Building another McDonald's.

• Putting in new park.

• Giving WTHS students fancier Chromebooks.