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Scarcity, opportunity cost Flashcards | StudBud
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Scarcity, opportunity cost
What is a need?
What is the paradox of value?
Scarcity, opportunity cost
8 terms
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StudBud Administration
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1 play
Quiz over the basics of economics
Flashcards
8 cards
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Practice quiz
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Questions
8
Answers
1
What is the paradox of value?
low value of nonessential/high value of essential item
high value of nonessential/low value of essential item
high value of nonessential/high value of essential item
low value of nonessential item/low value of essential item
2
What is a need?
Something you have to have to live
Something that isn't important to surviving
3
What determines value?
People, utility and scarcity
People
Utility
People and Utility
4
Because scarcity exists what are people forced to do?
Give up
Live
Make choices
5
Another way to define utility is?
cost
value
usefulness
6
What is the basic problem of economics?
Money
Scarcity
People
Government
7
What is a opportunity cost?
cost of living
cost of what you need
cost of what you want
cost of the next best alternative
8
What are the building blocks of economics?
Scarcity and People
Choice and People
Government and People
Scarcity and Choice
