Economics is the study of how people, businesses, and governments
spend money.
deal with scarcity.
interact with each other.
treat the environment.
Scarcity forces all of us to
have to work for money.
go to school.
make decisions.
budget our money.
A possible option you didn't choose when making a decision is called a
consequence.
possibility frontier.
dilemma
tradeoff.
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.
Which of the following are included in the 3 Essential Economic Questions? (choose all that apply)