Week 2 Review Economics

The most fundamental economic problem is

• scarcity

• health

• security

• trade

Economics is the study of

• the distribution of surplus goods to those in need.

• affluence in a morally bankrupt world

• ways to reduce want to eliminate the problem of scarcity.

• the choices we make because of scarcity

Opportunity cost is

• the alternative you did not choose

• the negative aspects of an action

• the next best alternative

• the choice you made

Durable goods are goods that can last more than ____ years with regular use.

• 2

• 3

• 4

• 5

An example of a nondurable good is

• Challenger SRT Hellcat

• McDonald's Happy Meal for adults

• Subzero Refrigerator

• Dr. Oz

Which of these explains a want, not a need?

• 
• 
• 
•