Introduction to Economics

Which of the following are needs

• Dogs

• Water

• Shelter

• Frappucinos

Complete the sentence: Scarcity mean Supply is

• Less than Demand

• Greater than Demand

• Equal to Demand

• A warm fuzzy feeling in my tummy

Complete the rule: The scarcer an item is…

• The colder the weather

• The more Supply there is

• The less its value

• The greater its value

Opportunity cost is

• Every alternative you could ever missed out on

• The next best alternative you missed out on

• The worst decision you’ve ever made

• How much money it takes to purchase a product

The dot at X is best described as:

• Efficient

• Inefficient

• Unfeasible/Impossible

The dot at Y is best described as:

• Efficient

• Inefficient

• Unfeasible/Impossible

The dots at A, B, and C are best described as:

• Efficient

• Inefficient

• Unfeasible/Impossible

Efficient means making the ______ use of my scarce resources

Calculate the opportunity cost of moving from point A to point C on this table

• 25 Flower

• 20 Flowers

• 3 Pots

• 1 Pot

Define economics

• A social science which studies how humans attempt to satisfy their infinite needs and wants using scarce resources

• A biological study of the uninhibited behaviours of humans in satiated states