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Economics 102: Macroeconomics16 chapters | 137 lessons | 14 flashcard sets
Economic Scarcity and the Function of Choice
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1. Economics looks at
2. The perpetual problem in economics is:
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About This Quiz & Worksheet
The quiz will ask you to define the key terms revolving around the topic of economic scarcity. Some questions will also ask you about commonly held tenets in the field of economics. These tenets are the assumptions that economists first make before analyzing economic situations.
Quiz & Worksheet Goals
The assessment will test you on these following ideas:
- Field of economic study
- Definition of scarcity
- Main issue of economics
Skills Practiced
The quiz will help you practice these skills:
- Reading comprehension - ensure that you draw the most important information from the related economic scarcity lesson
- Interpreting information - verify that you can read information regarding economics and interpret it correctly
- Information recall - access the knowledge you've gained regarding the result of scarce resources and high demand
Additional Learning
After you complete the quiz, make sure to head over to the corresponding lesson titled Economic Scarcity and the Function of Choice. This lesson will help you further deepen your knowledge. The lesson covers these objectives:
- Defining economics and economy
- Describing the fundamental economic issue in detail
- Identifying different types of resources
- Exploring the meaning and effects of scarcity
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Lesson
1 in chapter 1 of the course:
- Economic Scarcity and the Function of Choice 6:07
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6:43
Next Lesson
Opportunity Cost: Definition & Real World Examples
- How to Calculate Opportunity Cost 6:11
- Applying the Production Possibilities Model 10:57
- Shifts in the Production Possibilities Curve 8:00
- Opportunity Cost: Formula & Analysis 6:00
- Go to Scarcity, Choice, and the Production Possibilities Curve
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