What is the fundamental problem of economics that requires us to make choices?

Economic Principles and Decision-Making

Interactive Video
•
Business, Social Studies, Other
•
9th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Wealth
Abundance
Scarcity
Inflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do trade-offs occur in economic decision-making?
Because money is not involved
Because resources are unlimited
Because we can have everything we want
Because choosing one option means giving up another
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the phrase 'nothing is free' imply in economics?
Free items are always available
Everything has a monetary cost
There are no hidden costs
Every choice involves a cost, even if not monetary
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the cost of a 'free' slice of pizza if you have to attend a class to get it?
The money spent on the pizza
The effort to eat the pizza
The time spent in class
The calories in the pizza
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you choose to spend time studying instead of sleeping, what is the opportunity cost?
The knowledge gained from studying
The sleep you gave up
The time spent with friends
The money spent on books
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
The cost of the chosen option
The cost of the next best alternative given up
The cost of all alternatives
The total cost of all possible choices
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What motivates people to act according to economic principles?
Incentives
Laws
Traditions
Random choices
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