Scarcity and economic choices
| English | 中文 | Pinyin |
|---|---|---|
| scarcity/ˈskeəsɪti/ | 稀缺性 | xī quē xìng |
| opportunity cost/ɒpəˈtjuːnɪti kɒst/ | 机会成本 | jī huì chéng běn |
A decision you can investigate
- A school has one empty room. It can become a music studio or a quiet study room.
- The choice costs the benefit of the best rejected use, even when no money changes hands.
Build the explanation
- Scarcity 稀缺性 means wants exceed available resources. Land, labour, capital and enterprise combine to produce goods and services.
- A production possibility boundary separates feasible and infeasible combinations; moving along it reallocates resources.
Match the terms to their precise meanings.
Use these definitions in the particular context of Scarcity and economic choices.
Work through the evidence
- The school values the study room at 50 useful study hours a week and the studio at 30 rehearsal hours.
- Choosing the studio sacrifices the study room: its opportunity cost 机会成本 is the 50 study hours, not the sum of both outcomes.
What is the opportunity cost of opening the studio?
The school values the study room at 50 useful study hours a week and the studio at 30 rehearsal hours. Choosing the studio sacrifices the study room: its opportunity cost is the 50 study hours, not the sum of both outcomes.
Test the limits
- Do not call every expense an opportunity cost. Identify the next-best alternative and its benefit.
- A point inside a boundary may show unemployment or inefficient use, rather than fewer resources.
Which caution belongs to this particular task?
Do not call every expense an opportunity cost. Identify the next-best alternative and its benefit. A point inside a boundary may show unemployment or inefficient use, rather than fewer resources.
The explanation in this lesson makes a conditional claim; relevant context and evidence still matter.
A point inside a boundary may show unemployment or inefficient use, rather than fewer resources.
Apply and explain your answer
- What is the opportunity cost of opening the studio?
- The useful study time from the rejected study room.
Choose the two statements supported by this lesson.
The concept and worked evidence support these claims; the stated limits rule out the universal shortcut.
Use the terms precisely
- scarcity: Wants exceed the resources available to meet them.
- opportunity cost: The benefit of the next-best alternative forgone.
The school values the study room at 50 useful study hours a week and the studio at 30 rehearsal hours. Choosing the studio sacrifices the study room: its opportunity cost is the 50 study hours, not the sum of both outcomes.
Do not call every expense an opportunity cost. Identify the next-best alternative and its benefit. A point inside a boundary may show unemployment or inefficient use, rather than fewer resources.
Scarcity means wants exceed available resources. Land, labour, capital and enterprise combine to produce goods and services.