Opportunity cost and scarcity

What is a free good?

• Free good is a good with no opportunity cost and unlimited supply

• Free good is a good with no opportunity cost and limited supply

• Free good is a good with opportunity cost and unlimited supply

• Free good is a good with opportunity cost and limited supply

Define Opportunity Cost

• The Price of an Alternative Cost

• The Value of the Best Alternative

• The Value of the Next Best Alternative Forgone

• The Alternative Cost

What is the basic economic problem?

• Opportunity cost

• Scarcity

• Demand and supply

• Factors of production

In economics, the problems of scarcity and choice arise because:

• Wants are always limited.

• Resources are limited relative to wants.

• Resources and wants are limited.

• We do not have enough money.

What is the difference between a good and a service?

• Goods and services are tangible

• Goods and services are intangible

• Goods are intangible and services are tangible

• Goods are tangible and services are intangible