Scarcity 1.1.1

Question 2

What is the study of rational choice under conditions of scarcity?

Answer 2

Economics

Question 3

What is the best alternative that you give up when you make a choice?

Answer 3

Opportunity cost

Question 4

What is an imbalance between what people want and what is freely available?

Answer 4

Scarcity

Question 5

What is the difference between “scarce” and “not scarce” ?

Answer 5

Scarce is something that consumers want and not scarce is something that consumers do not want.

Question 6

What is people making calculated, self-interested choices after weighing the costs and benefits of those choices?

Answer 6

Rational choice

Question 7

Do all choices come with a cost?

Answer 7

Yes

Question 8

Which of the following is not a scarce good: space, air, or garbage?

Answer 8

Garbage- because people don’t want garbage

Question 9

Scarcity affects everyone (True or False)?

Answer 9

TRUE

Question 10

The opportunity of attending college is?

Answer 10

The highest valued alternative one forfeits to attend college.

Question 11

Economics is about money (True or False)?

Answer 11

False- Economics is the sudy of rational choice under the conditions of scarcity.

Question 12

“There’s no such thing as a free lunch” (True or False)?

Answer 12

True- Anything that you enjoy, you enjoy at the cost of giving up something else.

Question 13

An agent is rational if

Answer 13

That agent considers cause and effect