Intro to Economics

What is the definition of 'Opportunity Cost'?

• The value of what you gain when choosing between two or more options.

• The value of what you lose when choosing between two or more options.

• The decision made by a business about what to produce.

• The economic system driven by free enterprise.

Which of the following best describes 'Capitalism'?

• An economic system driven by government control.

• An economic system driven by free enterprise where individuals make their own choice about production and consumption.

• A decision made by a business about what to produce.

• The value of what you lose when choosing between two or more options.

What is scarcity in economic terms?

• Unlimited resources

• Limited resources

• Abundant resources

• Infinite resources

How does scarcity affect economic decision-making?

• It allows for unlimited choices

• It requires prioritizing needs and wants

• It eliminates the need for budgeting

• It ensures all desires are met.

Scarcity requires individuals to make decisions based on: A) Unlimited resources B) Limited resources C) Infinite desires D) Unrestricted needs.

• A) Unlimited resources

• B) Limited resources

• C) Infinite desires

• D) Unrestricted needs.

Fill in the blank: 'Confidence, Achievement, Respect of Self/Others' are part of the _______ level in Maslow's Hierarchy of Needs.

• Esteem

• Love/Belonging

• Safety

• Physiological

Fill in the blank: 'Income, Cash Flow' are part of the _______ level in MAF's Hierarchy of Financial Needs.

• Savings

• Credit

• Income

• Insurance

What will you consider about your wants and needs this week?

• How they are impacted by scarcity

• How they are fulfilled by abundance

• How they are irrelevant

• How they are constant.

• What's the difference between things you need and things you want?

• How do needs and wants affect your daily life?