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These are the things we desire to have: Wants. Because of scarcity, people are forced to make _________ about how to use resources: Choices. In economics a decision is free if:: A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.. What is it called if we ran out of coffee creamer: Scarcity. A benefit is something good or helpful: True. Scarcity is only a problem for poor people: False. A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision: muffins . This Economics term refers to the things you use to create goods and services: Resources. What name is given to the value of the next best alternative that you give up when you make a decision: opportunity cost. The economic problem is that: resources are limited and wants are unlimited.. You just cannot get it: shortage . What is opportunity cost: what you give up to make a choice. What is scarcity? : Not  having enough resources . What should be the most important factor considered when you make a decision: the Opportunity Cost. Economics is the study of people and how they make decisions: True. A decision always involves: at least two alternatives. Which of the following is an opportunity cost: You choose to study math instead of history.

This Economics term refers to the things you use to create goods and services: Resources. When "wants are greater than the resources available to satisfy them," it is called..: Scarcity. Because of scarcity, people are forced to make _________ about how to use resources: Choices. Gurnee has 2 acres of unused land. They choose to build another chicken restaurant. Which option would NOT be considered a logical Opportunity Cost of that choice: Giving WTHS students fancier Chromebooks.

What is scarcity? : Not having enough resources . What is opportunity cost: The last you would give up to make a choice. A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision: muffins . The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their backyard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision: vacation . Emelia has been invited to a sleepover at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision: seeing her favorite band . Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision: watching TV show. The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision: more computers . The economic problem is that: resources are limited and wants are unlimited.. The opportunity cost of a good is: the alternative goods forgone.. A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is : 50 whips. Because of scarcity, people are forced to make _________ about how to use resources: choices. What name is given to the value of the next best alternative that you give up when you make a decision: opportunity cost. You win a football match ticket that worth $100, but need to pay 25% tax. What is the opportunity cost if you choose to stay home and watching a TV show that you need to pay $20 rather than going to the football match: $95

A decrease in quantity demanded: results in a movement upward and to the left along a demand curve.. Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for DVDs in the United States: a decrease in the price of DVD players. A decrease in the price of a good will: decrease quantity supplied.. Which of the following would not shift the supply curve for iphones: an increase in the price of iphones. The law of supply and demand asserts that: the price of a good will eventually rise in response to an excess demand for that good.