Choice | Consumer | Economic Goods | Free Goods | Goods | Limited Means | Opportunity Cost | Scarcity | Service | The basic economic problem | The real cost of a decision | Wants | Why can individuals not have everything they want
What does 'scarcity' mean in economics?
Explain how the concept of choice, opportunity cost and scarcity are linked.
The work of a mechanic or doctor is termed a:
Christian believes it is important to travel and live a healthy lifestyle. Explain how his values may influence how he spends his money. In your answer discuss any conflict that may arise out of his decision and a compromise that he could use to satisfy both his values.
Jamie has worked a part-time job after school and earnt $2 000 which she will use to either put into a savings account, or spend it on a month long trip to Australia. Explain why a month long trip to Australia is a want rather than a need for Jamie.
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