Sign up for FREE

Scarcity and Opportunity Cost

Last updated 5 months ago

5 questions

1

1

1

1

1

Question 1

1.

Economics is the study of how people, businesses, and governments

spend money.

deal with scarcity.

interact with each other.

treat the environment.

Question 2

2.

Scarcity forces all of us to

have to work for money.

go to school.

make decisions.

budget our money.

Question 3

3.

A possible option you didn't choose when making a decision is called a

consequence.

possibility frontier.

dilemma

tradeoff.

Question 4

4.

You have $150 in your savings account. You have to choose between going to a concert that will cost you $100, or buying a pair of shoes you like that cost $75. If you choose to go to the concert, what is the opportunity cost of that decision.

$100

$75

Not getting the shoes

Additional money spent at the concert.

Question 5

5.

Which of the following are included in the 3 Essential Economic Questions? (choose all that apply)

What should be produced?

How should it be produced?

What will it cost to produe?

For whom should it be produced?