2 - Basic Economic Problem: Scarcity and Choice
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What does scarcity mean?
💡 Hint: Think about resources and wants.
Define opportunity cost.
💡 Hint: What do you give up when you choose?
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the basic economic problem faced by all economies?
💡 Hint: Think about whether resources are unlimited or limited.
True or False: Opportunity cost refers only to financial costs.
💡 Hint: Consider other resources affected by choices.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Given a limited budget, how would a college student decide between buying textbooks or saving for a new laptop? Analyze the opportunity costs involved.
💡 Hint: Consider future needs against current educational demands.
A government must decide to either invest in renewable energy or healthcare with a fixed budget. What are the potential opportunity costs?
💡 Hint: Reflect on long-term benefits vs. immediate needs.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.