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Unit 1
Basic Economic Concepts
1.1: Scarcity
1.2: Opportunity Cost and the Production Possibilities Curve
1.3: Comparative Advantage and Trade
1.4: Demand
1.5: Supply
1.6: Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Unit Test
Comprehension Check
Scarcity
3 questions
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The fundamental problem of economics is that:
A
Governments do not collect enough in taxes to cover spending.
B
Resources are limited, but human wants and needs are unlimited.
C
Companies must specialize in producing specific goods rather than diversifying.
D
An individual's income is insufficient to purchase everything they desire.
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Unit 1 Study Guide
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