Economics Day 3

Economics can be described as the study of

• Only Food and Money

• The Choices We Make

• Graphing

• Price ceilings and Price floors

What does 'demand' mean in economic terms?

• The ability to purchase goods

• The desire to own something and the ability to pay for it

• The amount of a product available for sale

• The price at which a product is sold

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

Every time we go shopping we make _______.

• choices
• money
• products

Giving up one thing for something else you want more is called ​ ​ (a)   .

• an opportunity cost
• greedy
• an opportunity
• a cost coefficient

What would be an opportunity cost of driving a car to school instead of walking?

(Hint: What would you be giving up?)

• getting to school quickly

• staying out of bad weather

• being comfortable

• getting exercise

A _______ is the giving up of one thing to get something else.

• resource

• scarcity

• trade off

• economy

The condition of scarcity can be described as one that

• afflicts only poor people and nations

• exists when our unlimited needs/wants exceed our limited resources

• exists when our limited resources exceed our unlimited needs/wants

• only applies to luxury items

Why would someone choose to add solar panels to their home when it costs so much money?

• because it makes your house look cool

• because it allows you to use electricity during the day

• because it allows you to save money on your electric bill

• because it allows you to run many appliances at once in your house

In the line, "We do not have enough tickets to buy all the prizes we want from the arcade gift store, so we have a scarcity of tickets," what does "scarcity" most likely mean?

• no tickets

• large amount

• medium amount

• small amount