Economics Key Concepts D

Front

Opportunity Cost is

Back

the second best choice

Front

What is your opportunity cost if you choose to play video games instead of finishing your homework?

Back

Finishing your homework

Front

Economics is the study of

Back

the choices people make to meet their wants and needs

Front

Unlimited wants exceed limited resources

Back

Scarcity

Front

A reason to change your behavior

Back

Incentive

Front

Which word means the same thing as allocation?

Back

distribution

Front

You choose to buy a new car instead of investing in the stock market. What is your opportunity cost?

Back

Investing in the stock market