Fill in the blanks using the number that correspond to the correct word or phrase in the word bank below; 1. for whom 2. what 3. scarcity 4. limited 5. unlimited 6. opportunity cost 7. amount spent 8. choices 9. alternative 10. how In any economy resources tend to be but our wants, our desires for the things that we can produce with those resources, are Because our resources are limited, we cannot say yes to everything to say yes to one thing requires that we say no to another. is the condition of having to choose among alternative Whether we like it or not, we must make The test of whether a resource is scarce whether it has uses. The choices we confront as a result of scarcity raise three sets of issue should be produced, it should be produced and it should be produced. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economies, the concept of the value of the best alternative forgone in making any choice. Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the on that choice.

The opportunity cost of working is __ Select one: a. the wage you earn for the time spent working. b. too high to even consider not working. c. what you can buy because you worked. d. what you would have done during the time if you were not working.

-1h-future-act-1 - Word Hernandez, Joshua Layout References Mailings Review View Help O Tell me what you want to do -A A Aa - E-E-E, EE A T AaBbCcD. AaBbCJ AaBbC 1. AaBbC AaBbCcD AABI AaBbC x A A = 三 , 田。 Body Text1 Bullet poi. Checkboxes Numbere. Student A. Heading 1 Heading 2 Paragraph Styles Review Jason's assets and debts. Then answer the questions. JASON'S ASSETS AND DEBTS Assets Debts House: $150,000 Mortgage: $110,000 Car: $10,000 Car loan: $6,000 Checking and savings accounts: $5,000 Stocks and bonds: $3,000 Student loans: $12,000 Credit card debt: $5,000 Possessions: $4,000 3. What is Jason's net worth? 4. What would Jason's net worth be if he received a bonus at work and used all of it to completely pay off his credit card debt? 5. What can happen if you pay your mortgage, car loan, student loan, or credit card bill late? 6. Describe a situation in which it would be wise to use a credit card to pay for something. Home D00 F11 F12 F9 F10

23   Which of the following represents an opportunity for generating a new product?   Select one: a. demographic change, such as decreasing family size b. economic change, such as rising household incomes c. changes in professional standards d. understanding the customer e. all answers.