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Understanding Economics: Choices, Scarcity, Supply & Demand

Learn about opportunity cost, scarcity, and the dynamics of supply and demand in economics. Explore how choices are made based on limited resources and fluctuating market conditions.

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Understanding Economics: Choices, Scarcity, Supply & Demand

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  1. Economics 102

  2. Making Choices • Opportunity Cost = the highest valued benefit given up when a choice is made (ex: sitting in traffic vs. unemployment)

  3. Scarcity • Scarcity = the problem that resources are always limited compared with the number and variety of wants people have

  4. Supply and Demand • Demand = the amount of a product or service that buyers are willing and able to buy at different prices. • Supply = the amount of a product that producers are willing and able to offer at different prices.

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