What is the concept of scarcity in economics?
Econ Section I + II Exam

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English
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11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It means that resources are finite and cannot meet all human desires.
2.
FLASHCARD QUESTION
Front
Define opportunity cost.
Back
Opportunity cost is the value of the next best alternative that is forgone when making a decision. It represents the benefits you could have received by taking an alternative action.
3.
FLASHCARD QUESTION
Front
What is perfect competition?
Back
Perfect competition is a market structure characterized by a complete absence of rivalry among the individual firms. In this scenario, no single firm can influence the market price.
4.
FLASHCARD QUESTION
Front
Explain the concept of gains from trade.
Back
Gains from trade refer to the benefits that parties receive from engaging in voluntary exchange. It occurs when individuals or countries specialize in producing goods where they have a comparative advantage.
5.
FLASHCARD QUESTION
Front
What is a common resource?
Back
A common resource is a type of good that is rivalrous and non-excludable, meaning that one person's use of the resource diminishes another person's ability to use it, and it is difficult to prevent anyone from using it.
6.
FLASHCARD QUESTION
Front
What is a natural monopoly?
Back
A natural monopoly occurs when a single firm can supply the entire market at a lower cost than multiple firms due to high fixed costs and low marginal costs.
7.
FLASHCARD QUESTION
Front
What role does government regulation play in natural monopolies?
Back
Government regulation is often necessary in natural monopolies to prevent the monopolist from setting excessively high prices and to ensure fair access to the service or product.
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