0. Basic Principles of Economics

In the context of scarcity and choice, what best describes the opportunity cost of buying a new car?

Scarcity exists because of:

In the context of scarcity and choice, the concept of opportunity cost means that to obtain one thing, something else needs to be what?

Which of the following is a risk associated with complete specialization in the production of a single good?

Assessing opportunity cost involves:

Every society must develop a system for deciding how it will use its resources so that it can:

Which of the following best describes the concept of scarcity in economics?

Which concept in microeconomics explains that for every decision you make, there is a trade-off?

Gomer decides to spend an hour playing basketball rather than studying. His opportunity cost is:

Choosing between spending money on a new suit or a vacation is an example of:

When you must give something up in order to get something else, it is called:

Which of the following best describes scarcity?

In order to compare and evaluate choices, there must be a set of ______.

Which of the following best describes the opportunity cost of earning an advanced college degree?

Which of the following is an example of scarcity?