Ch 67: Scarcity & Opportunity Cost - ORELA Middle Grades Social Science

About This Chapter

Use this chapter of engaging video lessons and quizzes to recall scarcity and opportunity cost for the ORELA Middle Grades Social Science exam. You will be on your way to answering exam questions with no problem!

Scarcity & Opportunity Cost: ORELA Middle Grades Social Science - Chapter Summary

View interesting video lessons about the production possibilities model and how it is used. Measure how much you remember about determining opportunity cost with a short answer quiz. Your completion of this chapter will help you in your ability to answer questions about the following:

  • Economic scarcity
  • Definition and steps for determining opportunity cost
  • Utilization of the production possibilities model
  • Production possibilities curve

Utilize the Help tab if you would like to get in contact with any of the instructors. You can find the instructor's name for any lesson in the transcript. If you would like to create your own vocabulary list, you can also use the lesson transcript. Studying away from the computer is made easy with our printable worksheets and answer sheets.

Scarcity & Opportunity Cost: ORELA Middle Grades Social Science Objectives

While taking the ORELA Middle Grades Social Science exam, you may encounter questions that require you to utilize your knowledge of scarcity, opportunity cost, and other related concepts. All of this chapter's lessons and quizzes are related to the Economics section of the ORELA Middle Grades Social Science exam. The Economics section is equal to 12% of the entire test. The exam will include 150 multiple-choice questions which must be answered on a computer.

5 Lessons in Chapter 67: Scarcity & Opportunity Cost - ORELA Middle Grades Social Science
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Opportunity Cost: Definition & Real World Examples

2. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

3. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Applying the Production Possibilities Model

4. Applying the Production Possibilities Model

Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.

Shifts in the Production Possibilities Curve

5. Shifts in the Production Possibilities Curve

In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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