Limited Resources + Unlimited Wants =
WQ18: Scarcity & Opportunity Cost

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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13 questions
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1.
FLASHCARD QUESTION
Front
Back
Scarcity
2.
FLASHCARD QUESTION
Front
What is the most basic problem of economics?
Back
scarcity
3.
FLASHCARD QUESTION
Front
Opportunity cost is your ____.
Back
second best alternative
4.
FLASHCARD QUESTION
Front
Opportunity costs arise because of scarcity.
Back
True
5.
FLASHCARD QUESTION
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
6.
FLASHCARD QUESTION
Front
All the things we sacrifice to obtain another is known as opportunity costs.
Back
False
7.
FLASHCARD QUESTION
Front
In two hours, John can write two essays or construct one presentation. His opportunity cost of constructing one presentation is:
Back
two essays
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