Scarcity of Economic Resources (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is scarcity in economics?
What is scarcity in economics?
Unlimited wants with limited resources
Why does scarcity force people to make choices?
Why does scarcity force people to make choices?
Resources are limited so we prioritise
What is the basic economic problem?
What is the basic economic problem?
Endless wants but finite resources
Who faces the basic economic problem?
Who faces the basic economic problem?
Everyone - individuals, businesses, govts
What is opportunity cost?
What is opportunity cost?
Benefit given up to acquire something else
How does financial cost differ from opportunity cost?
How does financial cost differ from opportunity cost?
Financial is paid; opportunity is given up
Aoife buys a jacket for €80. What is the financial cost?
Aoife buys a jacket for €80. What is the financial cost?
€80
Conor spends €50 on a video game instead of cinema. What is his opportunity cost?
Conor spends €50 on a video game instead of cinema. What is his opportunity cost?
Missing cinema experience with friends
SuperValu spends €100,000 on renovation. What is the opportunity cost?
SuperValu spends €100,000 on renovation. What is the opportunity cost?
Potential profits from new branch location
Irish govt spends €3bn on hospitals. What is the opportunity cost?
Irish govt spends €3bn on hospitals. What is the opportunity cost?
Better buses, trains & reduced congestion
What is a negative consequence of making a choice?
What is a negative consequence of making a choice?
Lost opportunities from rejected options
Which strategy helps make smart choices about scarce resources?
Which strategy helps make smart choices about scarce resources?
Prioritise needs before wants