Scarcity and Opportunity Cost Quizziz

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Houses

• Desires

Which one of these definitions best describe Opportunity Costs?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

In economics, when discussing the factors of production, the term land refers to

• farmland.

• real estate.

• capital goods.

• all natural resources.

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

• Ford

• Honda

• Toyota

• Dodge

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?

• Shoes

• Jacket

• Dress

• Purse

Limited Resources + Unlimited Wants =

• Scarcity

• Productivity

• Opportunity Cost

• Efficiency