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English 15 Public

Scarcity, what is economics, opportunity cost

Study Slideshow

In this world, we have unlimited resources. True or false?

False

In this world, we have unlimited wants. True or false?

True

In Economics, resources include which of the following? A. Time B. Money C. Objects D. Raw materials

ALL

Explain what is Economics.

Economics is a study of how people make choices under the condition of scarcity.

What is microeconomics? Give an example of something that is studied in microeconomics.

Studies how individuals and companies make decisions e.g. how many masks should a company produce?

What is scarcity?

Scarcity refers to the situation in which the resources available are not enough to satisfy all people’s wants.

This missing word in the picture is...

Scarcity

If the quantity of a resource is fixed, the resource must be scarce. True or false? Explain.

False. Even when the quantity of resources is fixed, it is not scarce if the quantity available is enough to satisfy all people’s wants.

Elon Musk, the founder of Amazon, is the richest person in the world. Does he face scarcity? Explain.

Yes. Even though he is rich, his resources are limited and some of his wants have not been satisfied.

Is GP’s playground considered a scarce resource? Explain.

Yes. There’s not enough space to satisfy everyone’s wants.

What is opportunity cost?

Opportunity cost of a choice is the value of the highest-valued option forgone.

If I choose to record TikTok videos, my opportunity cost is…(1 = lowest value, 10 = highest value)

Play league of legends

If I choose to play league of legends, my opportunity cost is…(1 = lowest value, 10 = highest value)

Record TikTok videos

Every time when we choose the same option, we will face the same opportunity cost. True or false? Explain.

False. The value of the highest-valued option forgone may change.

There is no scarcity in a one-man economy. True or false? Explain.

False. The resources may still be insufficient to satisfy the man's wants.