Economics Basics

Scarcity forces us to make _____________

Economics is the study of how people & nations satisfy thier needs/wants in a world with ___________ resources

Something that we desire to have because we believe it will bring us satisfaction

_______________ is the most highly valued, or the next best, alternative that is forfeited when a choice is made

Scarcity is the condition where our wants are greater than the resources available to produce them

Today you choose to walk to school instead of driving. What is your opportunity cost?

You would like to either go to the movies or go the park. You choose to go to the movies. What is your opportunity cost?

Scarcity only effects people in poverty

You can either go to college after high school or get a job. You choose to get a job. What is your opportunity cost?