Exploring Scarcity and Opportunity Cost in Economics

What is an example of an alternative activity you might do instead of watching this video?

• Cooking dinner

• Sleeping

• Reading a book

• Going for a run

What do economists call the cost of choosing one activity over another?

• Variable cost

• Opportunity cost

• Fixed cost

• Sunk cost

Why do choices exist according to economists?

• Because we have infinite time

• Because we live in a world of scarcity

• Because we have limited desires

• Because we have unlimited resources

What is the main driver in the field of economics?

• Technology

• Wealth

• Scarcity

• Abundance

In the hypothetical scenario of a world without scarcity, what is one thing people would have unlimited access to?

• Money

• Time

• Friends

• Knowledge

Which television show depicts a future where economic scarcity is no longer an issue?

• The Expanse

• Star Trek: The Next Generation

• Black Mirror

• The Twilight Zone

What device in Star Trek: The Next Generation provides unlimited material goods on demand?

• Holodeck

• Transporter

• Replicator

• Warp Drive

What is one leisure activity people in Star Trek: The Next Generation have plenty of time for?

• Playing classical music

• Gardening

• Painting

• Cooking

What is one way to improve the quality of life in the real world?

• Reducing the level of scarcity

• Reducing access to essentials

• Increasing scarcity

• Limiting educational opportunities

What is an example of an essential that can improve quality of life when made more accessible?

• Luxury cars

• Clean drinking water

• Expensive gadgets

• Designer clothes