Economics can be described as the study of
James Scarcity OC Final Exam Review

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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8 questions
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1.
FLASHCARD QUESTION
Front
Back
Choices
2.
FLASHCARD QUESTION
Front
The condition of scarcity can be described as one that
Back
exists when our unlimited needs/wants exceed our limited resources
3.
FLASHCARD QUESTION
Front
What was Tom's opportunity cost after selecting the Ford over the Honda?
Back
Honda
4.
FLASHCARD QUESTION
Front
What are alternatives in the Rational Decision-Making Model?
Back
the various options (tradeoffs) a person has for a given problem or situation.
5.
FLASHCARD QUESTION
Front
What do rational people consider when making decisions?
Back
The marginal benefit and marginal cost
6.
FLASHCARD QUESTION
Front
The fundamental problem in Economics, which is why we study economics, is scarcity.
True or False?
Back
True
7.
FLASHCARD QUESTION
Front
If one follows the PACED decision-making model to choose the good or service that grants them greater marginal benefit than cost, they have made a
Back
Rational decision
8.
FLASHCARD QUESTION
Front
You make an economic decision which has an opportunity cost. In economic terms what are all the other possible alternatives known as?
Back
Tradeoffs
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