1.8 - Conclusion
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Practice Questions
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Define scarcity in your own words.
💡 Hint: Think about how choices must be made due to limited resources.
Provide an example of opportunity cost.
💡 Hint: What did you give up to make that choice?
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Interactive Quizzes
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What does scarcity imply in an economy?
💡 Hint: Think about how everything in economics starts with limited resources.
True or False: Every decision made has an opportunity cost.
💡 Hint: Consider your recent decisions and what you had to give up.
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Challenge Problems
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Evaluate a government's decision to cut education funding in favor of defense spending. Analyze the opportunity costs involved.
💡 Hint: Consider the long-term effects of this decision on society.
A business has $10,000 to invest. Discuss how understanding opportunity cost could alter their investment decision.
💡 Hint: What other alternative investments could yield better outcomes?
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