Economics Fundamentals Review HHS

Unlimited wants are confronted by a limited supply resources

• opportunity cost

• scarcity

• rational decision making

• markets

The value of the next-best alternative when a decision is made

• opportunity cost

• scarcity

• rational decision making

• trade off

Choosing benefits or advantages in order to gain something more favorable is an example of a(n)

• rational decision making

• trade off

• incentive

• production

When you give up some of one thing in order to gain some of something else

• opportunity cost

• scarcity

• rational decision making

• trade off

These are my choices for Friday evening listed in order:

1. Football game

2. Movie

3. Play video games

4. Sleep

What is my opportunity cost?

• 1st choice: football

• 2nd choice: movie

• 3rd choice: play video games

• 4th choice: sleep

Which is NOT a requirement for something to be considered scarce?

• desirable

• limited quantity

• new

• multiple use

Opportunity cost is MOST RELATED to which concept?

• scarcity

• prices

• human behavior

• greed

An individual can be which two types of productive resources?

• land and labor

• labor and entrepreneur

• capital and entrepreneur

• land and capital

Which of the following is not a factor of production?

• capital

• entrepreneurship

• land

• money

• labor

Which is NOT one of the basic questions that each economic system must answer/address?

• what to produce

• how to produce

• when to produce

• for whom to produce