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4 cards from this section. Quick, good the night before a test.
What is the definition of scarcity?
Think about resources and wants.
Name the four factors of production.
These are inputs for creating goods.
What does scarcity mean in economics?
Think of how resources are never enough to satisfy all wants.
True or False: Opportunity cost is the value of the best alternative given up.
Focus on 'next best' when considering alternatives.
Given an example of a country facing scarcity, analyze how its government might decide on resource allocation between healthcare and education.
Consider the long-term vs. short-term benefits in resource allocation.
Discuss how globalization has both positive and negative impacts on local economies. Provide two examples for each.
Think globally but analyze locally.
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