Scarcity, Choice and Opportunity Cost

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

• Resources

• Materials

• Wants

• Scarcities

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 often have to give up other options...those things are called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options

What is the production possibilities curve?

• a graph that shows how much an economy can produce between 2 goods
• how much money something is
• the opportunity one has to give up in order to gain something else
• land, labor, capital, entrepreneurs