Intro to Economics

Front

What is scarcity?

Back

The condition that results from having unlimited wants with limited resources

Front

What is choice?

Back

The act of picking or deciding 

Front

What is Marginal Advantage (Analysis)?

Back

Making a decision by comparing costs and benefits

Front

Which of the following is NOT a natural resource? Options: Oil, Water, Car, Air

Back

Car

Front

Which of the following IS a capital resource? Options: Wood, Computer, Labor, Knowledge

Back

Computer

Front

If I spend all my time making tacos, what is my opportunity cost? Options: Tacos, Maps

Back

Maps

Front

On this PPC, which point is efficient? Options: A, C, D, None

Back

A

Front

On the PPC, which point is inefficient? Options: A, B, C, D

Back

C

Front

On the PPC, which point is unobtainable? Options: A, B, C, D

Back

D

Front

Have you used marginal analysis if you make a decision without looking at the costs and benefits?

Back

No