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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

Who has the ABSOLUTE advantage in making earrings: Marie. Who has the ABSOLUTE advantage in making bracelets: Marie. What is Marie's opportunity cost of making earrings: . What is Marie's opportunity cost of making bracelets: . What is Isabella's opportunity cost of making earrings: . What is Isabella's opportunity cost of making bracelets: 2 earrings. Who has the COMPARATIVE advantage in making bracelets: Marie. Who has the COMPARATIVE advantage in making earrings: Isabella. For Marie and Isabella to benefit the most, what should happen: Marie should make bracelets and Isabella should make earrings and they trade.. Who has the ABSOLUTE advantage in producing cotton: Brazil. Who has the ABSOLUTE advantage in producing sugar: Brazil. What is America's opportunity cost for producing cotton: 2 pounds of sugar. What is America's opportunity cost for producing sugar: . What is Brazil's opportunity cost for producing cotton: 3 pounds of sugar. What is Brazil's opportunity cost for producing sugar: . Who has the COMPARATIVE advantage in producing cotton: America. Who has the COMPARATIVE advantage in producing sugar: Brazil. For America and Brazil to benefit the most, what should happen: America should produce cotton and import sugar from Brazil.. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point A to point C: 3 gizmos. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point B to point E: 14 gizmos. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point D to point B: 2 widgets. The table shows the combination of widgets and gizmos I can make in a day. What is the opportunity cost of moving from point E to point A: 4 widgets

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Tonya had a hard time deciding between the Big Burger and the Crispy Chicken sandwiches,her two favorites. She chose the chicken because she had more recently had a burger. Whatwas her opportunity cost: Big Burger. Jimmy went to a candy store. He really wanted chocolate nut clusters, jelly beans, and licorice.He only had enough money buy one of them. He can’t eat chocolate or nuts because of anallergy. He decided to buy some licorice. What was his opportunity cost: Jelly Beans. Mary was shopping in a clothing store. She had $100 to spend. She found three items sheliked: $99 for a pair of shoes, $98 for a jacket, and $96 for a dress. After over an hour ofshopping, she decided to borrow some shoes from her sister and to buy the jacket for $98. What was her opportunity cost: Dress. Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, andRam models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.He selected the Ford because he liked the interior a little better. What was his opportunitycost: Chevrolet. The city was building a new park. There was only enough money in the budget to includenew tennis courts, a wading pool, a music stage, or a parking lot. At the public hearing, manyof the people wanted more parking. City Council voted to build the music stage afternarrowing it down to either the stage or the wading pool. What was the city’s opportunitycost: wading pool. The use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good. : Efficiency. What is the most basic problem of economics: Scarcity. How do we satisfy the greatest number of needs and wants: Allocation. All the things we sacrifice to obtain another:

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.

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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.

Instead of going out with her friends, Jane chose to stay at home to study for her math test. Jane got a high score on the test. Why did she earn a high score on the test: because Jane chose to study. A teacher has five movie tickets to give to her ten students. What is most scarce? : tickets. On your way to the shopping mall, a friend asks you to play basketball. Another friends wants you to go to his house to play video games. What must you do first: make a choice.. On Saturdays Alicia usually goes to see a movie with her friends. However, last Saturday she chose to visit her grandmother instead. What was the opportunity cost of Alicia's decision? : seeing the movie. Jim wants to be a good cook. He is taking cooking lessons. Jim is improving his: human capital. After graduating from high school, Marcus found a better paying job than his sister who dropped out of school. Why: Finishing school made Marcus a more productive worker.. When we make a decision we choose between two or more alternatives. What is always true about alternatives: There are costs and benefits to every alternative.. Which of the following best describes the concept of scarcity: When our wants are greater than our available resources.. Which of the following is an important economic reason for going to school: School can help you develop your human capital which can provide you with more job alternatives.. At a clothing factory each worker makes complete sheets. What would happen if the manager decided to use an assembly line in which each worker makes only one part of the shirts: Division of labor would allow the factory to make more shirts faster.. You are a member of the labor force when you: have a job or begin looking for a job. Why is a worker' human capital important to an employer: Workers with more human capital are more productive workers.. Alonzo works in a fast food restaurant. Alonzo's boss pays him $9.25 an hour during the week and $10.25 an hour on the weekend. Why does Alonzo's boss pay more on the weekends: To create a positive incentive for Alonzo to work on the weekends.. Marcia is good at taking pictures with her camera but she is a very poor typist. She enrolled in a photography class instead of taking a typing course. Which of the following is true: Marcia may be developing a specialty in photography.. If people begin buying more of their favorite music albums on iTunes instead of compact discs, what will happen: More workers will be needed to work in the computer industry.. Why do people who drop out of school usually earn less than people who graduate from high school or college: People who drop out of school have less human capital and are less productive workers.. Jesse is a pitcher for a baseball team. Why does Jesse's coach ask him to practice pitching instead of taking batting practice with his teammates: Jesse can be more productive for the team if he specializes in pitching.. Why can a newspaper reporter writer her stories faster using a computer than an electric typewriter: Improvements in technology and capital goods improve productivity.. What is true about the choices you make: Your choices today affect you in the future.. Stacy wants to be an engineer. What is the first thing that Stacy should do to become an engineer: Think about her career goals and make a plan.

Based on the table above, what is the opportunity cost to Picnicland of increasing the production of hotdogs from 450 to 900: 225 burgers. What is the opportunity cost to Footville of increasing production of shoes from 400 to 600: 300 socks. Which of the following points on the PPC above represents a combination of Steel & Wheat that this economy could NOT produce: F. Suppose that you prefer reading a book you already own to watching TV and that you prefer watching TV to listening to music. If these are your only 3 choices, what is the opportunity cost of reading: Watching TV. Generally, each successive unit of a good consumed will cause marginal utility to..: . According to economists, a consumer will maximize their total utility when..: . Tom has currently studied for AP Microeconomics for 4 hours and AP U.S. History for 4 hours. He's a hard worker. He has 1 more hour available for studying... how should he decide how to spend that hour: He should compare the marginal benefit of 1 more hour studying for AP Microeconomics to the marginal benefit of 1 more hour of studying for AP US History.. Which of the following is the best definition of the word "marginal?": Additional