Scarcity & Opportunity Cost

Scarcity is simply the idea that wants are always going to outweigh _______________.

• needs of the people

• resources that we have

• 
  

  what the majority asks to be produced

Scarcity creates__________. You cannot spend the same dollar twice.

• choice

• disagreement

• discrimination

Opportunity cost can be described as: 

• all other choices that you DIDN'T make.

• the actual monetary cost of the item you purchased.

• the next most highly valued option that you DIDN'T choose.

True or False: Opportunity cost is the same for everyone because individuals value everything the same. 

• True

• False

The opportunity cost of having distant learning instead of traditional face-to-face learning during the pandemic could be...

• face to face instruction with your teachers

• • not being with your friends

  
  

• • an increasing risk of getting a poor eye-sight due to a long time of using electronic device.

  
  

• • All of the above