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Q: Scarcity is defined as the excessive quantity of available goods and services compared with the amounts that people desire.
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- Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correctScarcity means what? time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma. 25 year olds might be more willing to start a family than 35 year olds. government funding of federal programs equals the amount paid in taxes. all consumers are assumed to have limited financial resources. money flows in a circle.match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost
- True or false? Part A.Millionaires do not face the problem of scarcity. Part B.The factors of production include all goods and services produced in an economy. Part C.The United States is one of the least “marketized” economies in the world.Scarcity requires people to make choices. O requires people to reduce their wants. means that wants and needs are scarce. does not exist in the 21st century because resources are sufficient to meet peoples' wants and needs.Which of the following best defines scarcity? multiple choice Having unlimited wants. Wanting more than we can obtain with limited resources. Having infinite wants and infinite resources. Having a finite number of resources
- Because of scarcity: Select one: a. all choices about wants and using resources must be made by the government. b. choices can be made about which wants to satisfy, but not about which resources to use. c. individuals and societies must prioritize which wants and needs are most important to satisfy. d. individuals and societies are allowed no choice about which wants and needs to satisfy.On the Forbes list of the World's Billionaires, Elon Musk, Bernard Arnault, and Jeff Bezos rank at the top with net worth above $186 billion each. Is the following statement True, False, Both (True and False), or None (neither True nor False) "These richest people in the world do not face scarcity. Scarcity only affects people who are not in the Forbest listGenerally, the study of economics has to do with Question 24 options: How resources are not scarce. How people make decisions in the face of scarcity. How to ignore opportunity costs. How the stock market operates during a recession.
- Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.Fast-and-frugal heuristics are hypotheses about how people ____ make decisions. 1. Normatively 2. Actually 3. Should 4. Don'ta. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?
