Scarcity v. Shortage
Temporarily out of something
Shortage
Labor
A useful, tangible item
Good
Another term for alternative choices
Trade-off
What's the title given to the economic downturn of 2008-2009?
The Great Recession
Unlimited wants for limited resources
Scarcity
Gifts of nature or natural resources
Land
A dishwasher (the appliance) is an example
Durable Good
The Next Best Alternative
Opportunity Cost
What was the biggest economic story of 2025?
Tariffs
These are the three basic questions every society must answer
What to produce, How to produce, For whom to produce
Capital
Division of Labor
Guns vs. Butter is the analogy used to describe this concept
Product Possibilities Frontier
How does the Fed (Federal Reserve Bank) combat inflation?
By raising interest rates.
What scarcity leads to
Choices
Oprah Winfrey is an example
Entrepreneur
A math teacher or otolaryngologist is an example
Specialist (or specialization)
Jillian wants to attend a four year university but the cost is too expensive. She decides to attend community college instead rather than work full time to afford the four year university. What's the opportunity cost?
Full time work
What technological innovation helped the US recover economically from the pandemic?
The vaccine
Why is water considered to be scarce despite the fact that 71% of the earth's surface is covered by water?
Fresh water is a limited resource
The dollar value of all goods and services produced by a country over the course of a year
GDP (Gross Domestic Product)
The term when necessities have low monetary value and luxuries have high monetary value
Paradox of Value
What's required to expand the production possibilities frontier?
Economic Growth
What's the current unemployment rate within 0.5%?
4.4%