3.1.2 - Choice: The Necessity of Selection
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
Define 'scarcity'.
💡 Hint: Think about what makes resources limited.
What does 'choice' mean in economics?
💡 Hint: Consider why we need to choose.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is scarcity?
💡 Hint: Think about the relationship between wants and resources.
True or False: Rational choice means that individuals always make the best decision.
💡 Hint: Look into real-life decision influences.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Imagine you are a product manager at a tech company. You have a budget to either develop a new app or enhance an existing one. Describe your decision-making process, including opportunity costs.
💡 Hint: Evaluate market trends and customer feedback.
Design a small survey for your peers to analyze how they make daily choices regarding money. What patterns can you identify from this data?
💡 Hint: Ensure questions are clear and encourage thoughtful responses.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.