In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of
A) scarcity and opportunity costs.
B) money and real capital.
C) complementary economic goals.
D) full production.

Question

Quizplus · Accepted Answer

The decision to study for an economics quiz or go to a concert involves scarcity and opportunity costs. Scarcity because there is limited time, and studying for the quiz or going to the concert both require time. Opportunity cost because choosing one option means giving up the opportunity to do the other. Therefore, weighing the opportunity costs of each option is necessary in arriving at the best choice.

In Deciding Whether to Study for an Economics Quiz or Go