3.1 - Key Concepts in Economics
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Practice Questions
Test your understanding with targeted questions
What is scarcity?
💡 Hint: Consider the relationship between needs and resources.
Give an example of choice related to your personal life.
💡 Hint: Think about situations where you had to decide between options.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does scarcity mean in economics?
💡 Hint: Think about the relationship between wants and what is available.
True or False: Opportunity cost is only about monetary loss.
💡 Hint: Reflect on non-monetary costs as well.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
You’ve got $50 to either buy textbooks or go on a weekend trip. If you choose the trip, what is your opportunity cost, and how does it affect your studies?
💡 Hint: Consider long-term benefits versus short-term enjoyment.
Analyze a market scenario where the demand for a product exceeds supply. What implications does this have on pricing?
💡 Hint: Reflect on limited edition products or concert tickets.
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Reference links
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