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5
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What is an economic good?
A good that is scarce and has a price.
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5
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Give an example of a free good.
e.g. rain, sea water, sunshine
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5
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What is a possible opportunity cost of taking a gap year after school?
Answers will vary.
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5
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The new Playstation 5 is out but you haven't got enough money to buy it. What type of scarcity is this?
Relative Scarcity
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5
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You can either go fishing or swimming. Which one do you choose? What do we call the other one in Economic terms?
Opportunity Cost
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5
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What is scarcity?
Unlimited wants + Limited Resources = Scarcity
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5
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True or False: Opportunity cost is the cost of making choices.
True
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eraser
Reset score!
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shark
Other team loses 15 points!
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rocket
Go to first place!
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thief
Give points!
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25
5
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True or False: The Basic Economic problem is called opportunity cost.
False
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heart
Other team wins 15 points!
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gift
Win 25 points!
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rocket
Go to first place!
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banana
Go to last place!
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boom
Lose 50 points!
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gift
Win 20 points!
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fairy
Take points!
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25
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baam
Lose 25 points!
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5
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The tomato crops were damaged due to flooding and now there are no tomatoes to buy. What type of scarcity is this?
Absolute Scarcity
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5
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Give and example of an opportunity cost that you experienced with your time.
Answers will vary.
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5
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Is infrastructure a free good or an economic good?
Economic good
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5
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True or False: People have limited wants.
False
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5
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What type of good do you think education is?
Economic good
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