1.3 - Basic Economic Terms
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Practice Questions
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What are the three main types of resources?
💡 Hint: Think about inputs used in production.
Define scarcity in your own words.
💡 Hint: Consider why choices must be made.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does the term 'scarcity' refer to?
💡 Hint: Think about the availability of chocolate!
Opportunity cost is defined as:
💡 Hint: Consider what you missed out on when choosing to buy something.
1 more question available
Challenge Problems
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Evaluate a decision made in your life where opportunity cost played a crucial role. What were your alternatives, and how did you choose?
💡 Hint: Think about the outcomes of your choices.
Propose a community project while considering scarcity. What resources would you use, and how would you address possible opportunity costs?
💡 Hint: Reflect on the benefits versus the resources available.
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