0. Basic Principles of Economics

How does scarcity influence the economic value of an item?

Which of the following statements is NOT true about opportunity cost?

Opportunity costs can be viewed in terms of:

What does it mean to say that a resource is scarce?

The aspects of a specific location that make people want to move away are called:

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of:

Which of the following best describes how scarcity affects both consumers and producers in a market economy?

Which of the following forces individuals and societies to make choices?

The basic idea of choice in economics arises because:

How can limited resources benefit the problem-solving capability in an organization?

________ is the study of how individuals and societies make choices under the condition of scarcity.

How does the concept of opportunity cost influence the choices people make regarding their wants and needs?

Which economic model reveals the variety of options for what to do with your scarce time?

Which term best describes the act of limiting the types of goods and services produced?

Which of the following best describes the opportunity cost of an action?