Scarcity: The Basic Economic Problems

Briana decides to buy a salad instead of a burger. Her opportunity cost would be...

Referring to all natural resources used to produce goods and services

The value of something that is given up to get something else that is wanted

At which point on this PPC Curve, represents an impossible point of production?

This is all of the human effort used to produce, goods, and services.

Why does Spongbob need the water instead of wanting the water?

What is the opportunity cost of increasing production from A to F?

In order to produce at D, which of the following would have to happen?

Desires that can be satisfied by consuming a good or service

The additional cost of using one more unit of a product

Things that are necessary for survival.

At which point on the PPC would be considered an efficient use of your resources?

How is scarcity present inside the Dhavai slums of Mumbai in India?

This is a person who buys or uses goods or services.

This involves the vision, skill, and risk-taking needed to create and run businesses

How coffee prices affect competition among coffee shops, is an example of

Which factor of production is the sham wow guy?

This is a maker of goods or a provider of services.

Which of the following are wants?

In a PPC, only 3 things can be produced.

If you go to gamestop, and you buy a PS4, that PS4 is a

Which is NOT one of the three economic questions created by scarcity?

What is an Incentive?

The study of how individuals and societies satisfy their unlimited wants with limited resources

What is the opportunity cost of moving from point D to point C

The Study of behavior of individual players in an economy

Collecting data on iphone sales is an example of

In a PPC - all resources are fixed.

A graph used by economists to show the impact of scarcity on an economy is a

the unemployment rate in India in 2017 was 7.1%

This image is an example of a....

The study of the economy as a whole and is concerned with large scale economic activity

This exists when there are not enough resources to satisfy human wants.

The sham wow is an example of a ___________?

This image is an example of...

You decide to increase production of guns from 6 to 15 units. What is the opportunity Cost?

At which point on the PPC, would be considered an inefficient use of your resources?

Sheila went to the hair salon to get her hair cut by Arlyn. Who is the seller?

Buy 1 get 1 free is an example of a

Spencer went to the doctor to get a check up. The doctor provided a ________.

These are the resources needed to produce goods and services.

What is the benefit or satisfaction gained from using a good or service?

You decide to increase production of butter from 2 to 3 units. What is the opportunity cost?

globalization inflicts economic harm to a country is an opinion.

what is a generalization you can make about this line graph?

Which factor of production is shown in this clip?

Which of the following are needs?

This is work that one person does for another.

What is, information in numerical form?

This is all of the resources made and used by people to produce goods and services

Which economic question is addressed in this clip?

What is an example of a capital resource?

In a PPC - the economy is running at full production.

What is an example of a natural resource (land)

These are objects, such as food, clothing, and furniture, that can be bought.

In a PPC, there are no technological breakthroughs to improve methods of production.