Opportunity Cost

Front

The economic problem is that

Back

resources are limited and wants are unlimited.

Front

What is the opportunity cost of the bakery's decision to make cookies instead of muffins?

Back

muffins

Front

What is opportunity cost?

Back

what you give up to make a choice

Front

What is scarcity?

Back

Not having enough resources

Front

A need is something we can't live without.

Back

True

Front

A want is something we would like to have but could live without it.

Back

True

Front

Which items should you pay for before buying something you want? rent, utilities, groceries

Back

all of the above

Front

Which is a need?

Back

medication

Front

Columns are labeled by ______________.

Back

letters

Front

Rows are labeled by __________.

Back

numbers