WQ18: Scarcity & Opportunity Cost

Front

Limited Resources + Unlimited Wants =

Back

Scarcity

Front

What is the most basic problem of economics?

Back

scarcity

Front

Opportunity cost is your ____.

Back

second best alternative

Front

Opportunity costs arise because of scarcity.

Back

True

Front

Is there an opportunity cost when your best friend takes you to a concert for your birthday, even if they pay for everything?

Back

True

Front

All the things we sacrifice to obtain another is known as opportunity costs.

Back

False

Front

In two hours, John can write two essays or construct one presentation. His opportunity cost of constructing one presentation is:

Back

two essays

Front

Scarcity is good because it forces the use of the smallest amount of resources to produce the greatest amount of output, or _______.

Back

efficiency

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Land includes...

Back

The "gifts of nature" or natural resources not created by human effort.