Introduction to Economics

Opportunity Cost is 

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

Trade-offs

• Are the same as opportunity costs
• Can all be considered opportunity costs; it depends on an individual's choice
• Is only the next best alternative to the choice you made
• Weight the costs and benefits

Economics is the study of _____________.

• money

• chicken

• the Government

• choices

Scarcity is the combination of unlimited wants/needs and _____________________________.

• limited resources

• unlimited resources

• limited chicken

• unlimited tickets to the Moon River festival

Which of the following is NOT one of the 3 basic economic questions societies address?

• What to produce

• Why to produce

• How to produce

• For whom to produce

a wrench

• Land (Natural Resource)

• Labor (Human Resource)

• Capital

• Entrepreneurship

a plumber

• Land (Natural Resource)

• Labor (Human Resource)

• Capital

• Entrepreneurship

a delivery truck

• Land (Natural Resource)

• Labor (Human Resource)

• Capital

• Entrepreneurship

Something we desire but that is not necessary for survival

• Want

• Need

• Good

• Service

Physical objects that someone produces

• Want

• Need

• Good

• Service