WorksheetsScarcity & Opportunity Cost Worksheet
Total questions: 15
Worksheet time: 8mins
What is the gap between limited resources and unlimited wants and needs?
Opportunity cost
Scarcity
Economy
Trade-off
What term refers to the essential requirements for human life?
Desire
Need
Compensation
Opportunity cost
What concept involves sacrificing one option for another?
Need
Trade-off
Scarcity
Economy
What is the term for the study of how people use resources?
Economics
Scarcity
Trade-off
Need
What is one reason why economics is important according to the text?
It helps you make uninformed decisions.
It helps you understand the difference between a need and a want.
It makes you suspicious of everything.
It decreases your standard of living.
Which of the following is considered a "want"?
Shelter
Food
Latest iPhone
Clean water
Which of the following is a service?
Gasoline
Dentist
Furniture
Hulu
What is the theoretical aspect of scarcity?
Limited resources
Unlimited needs and wants
Surplus of goods
Equitable distribution
Which group is NOT mentioned as affected by the shortage?
Individuals
Families
Animals
Nations
What sometimes prevents scarcity?
Equality of opportunities
Enough for everyone
Unlimited production
Constant growth
What is the opportunity cost of going out with friends instead of studying?
The fun you have
The time spent with friends
The study time you give up
The relaxation you gain
Why is it important to consider opportunity cost in financial decisions?
To maximize spending
To ensure decisions align with personal values
To minimize savings
To increase debt
When developing the economic plan, each country must ask itself three basic economic questions to determine what type of economic system it will have.
What to produce, how to produce, who will consume the goods and services produced.
What to consume, how to consume, for whom to consume.
How to educate, whom to educate, when to educate.
When to buy, where to buy, why to buy.
Why do most people work?
They want to live in big cities.
They want to earn money and provide themselves with food, clothing, and housing.
They want to travel by bus or train.
They want to dress in fancy clothes every day.
The amount of money a business has left after paying all costs such as labor, rent, and utilities is known as?
price
competition
supply
profit
