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Scarcity, Choice and Resource Allocation
Quick questions on Scarcity, choice and opportunity cost explained: O-Level Economics
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are unlimited wants meet limited resources?Show answer
Human wants are effectively unlimited. As soon as one want is satisfied, another appears. The resources available to satisfy those wants, however, are limited. There is only so much land, so many workers, so much machinery and so much enterprise to go around.
What is money cost is not the same as opportunity cost?Show answer
Opportunity cost includes things that are not paid for in money. Time is a scarce resource too. Two hours queueing for a free event has a zero money price but a real opportunity cost: the next best use of those two hours. This is why economists say there is no such thing as a free lunch.
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