R: Scarcity & Opportunity Cost

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

• Ford

• Honda

• Toyota

• Dodge

Limited Resources + Unlimited Wants =

• Scarcity

• Productivity

• Opportunity Cost

• Efficiency

Scarcity is only a problem for poor people.

• True

• False

Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?

• money

• job

• time

• college

A garbage truck driver is an example of which Factor of Production?

• labor
• land
• entrepreneurship
• capital

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

Which factor of production would you consider a lawn mower?

• Land
• Labor
• Capital
• Entrepreneur

Which factor of production would you consider a cow?

• Land
• Labor
• Capital
• Entrepreneur

What resource(s)are represented in this image?

• Labor and capital resource

• Labor

• capital resource

• natural resource