Game of the Economists

This means the cost or value of the next best foregone alternative.

• Scarcity

• Opportunity Cost

• Trade-Off

• Economics

Choosing between your first love and your great love is an example off

The gap between limited resources and limitless wants.

• Trade-offs

• Economics

• Scarcity

• Opportunity Costs

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An increased need for military assistance causes a country to deploy more soldiers, but there are not enough enlisted soldiers to meet demand at the moment. This is an example of...

• Absolute Scarcity

• Relative Scarcity

All are economic sources, except:

• Land

• Machine

• Labor

• Entrepreneurship

• Capital

Now is the best time to talk about the economy of the Philippines because...

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Focuses on the behavior of individual consumers or firm who make decisions; these individuals can be a single person, a household, a business/organization or a government agency

• Microeconomics

• Macroeconomics

What are the three basic economic problems?

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This states that as the price of a good or service that producers are willing and able to offer for sale during a period of time increases, the quantity of a good or service supplied increases.

• The Law of Supply

• The Law of Demand