Economic Basics Reading Passage

What is scarcity, and how does geography affect it?

Describe a situation from your own life where you experienced opportunity cost.

If the supply of bananas suddenly increases but demand stays the same, what will likely happen to the price? Why?

Give an example of a microeconomic decision a teenager might make.

Give an example of a macroeconomic issue that might affect an entire country.

How could geography influence a country’s economy?

Imagine a city with no fresh water supply. How does scarcity of water affect the people's daily life in that place?

You can only bring one thing on a desert island: a fishing rod or a tent. What’s your opportunity cost if you choose the tent?

Why might a new video game cost more right after it's released and less after it has been out a year? How is this related to supply and demand?

Explain how both micro and macroeconomic factors could affect your family’s decision to take a vacation.