In Economics, Trade-off and Opportunity Cost mean the same thing.
  • True!
  • False!
What should be the most important factor considered when you make a decision?
  • the Trade-offs
  • the Opportunity Cost
  • the lost opportunities
  • the opinions of others
Because of scarcity, people are forced to make _________ about how to use resources.
  • Choices
  • Opportunities
  • Analyses
  • Investments
A Trade-off is
  • a purchase in a marketplace.
  • an alternative that we sacrifice when we make a decision.
  • any good or service a consumer needs.
  • a factor of production.
What is the most basic problem of economics?
  • scarcity
  • productivity
  • money
  • resources
Economics is the study of money and how to get rich.
  • True
  • False
Economics is the study of people and how they make decisions.
  • True
  • False
Every decision you make has a cost.
  • True
  • False
What name is given to the value of the next best alternative that you give up when you make a decision?
  • Trade-offs
  • Opportunity cost
  • Lost opportunities
  • Options
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