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Unit 1

Basics of Economics

Introduction to Economics

Scarcity and Choice

Supply and Demand

Market Equilibrium

Consumer and Producer Surplus

Market Failures

Government Intervention in Markets

Microeconomics vs. Macroeconomics

GDP and Economic Growth

International Trade

Inflation and Unemployment

Globalization and its impacts

Elasticity of Demand and Supply

Introduction to Macroeconomics

Monetary Policy

Unit 2

Basics of Economics

Introduction to Economics

Scarcity and Choice

Supply and Demand

Elasticity of Demand and Supply

Consumer and Producer Surplus

Introduction to Macroeconomics

GDP and Economic Growth

Monetary Policy

Globalization and its impacts

Market Failures

Microeconomics vs. Macroeconomics

Government Intervention in Markets

International Trade

Market Equilibrium

Inflation and Unemployment

Unit 3

Basics of Economics

Introduction to Economics

Scarcity and Choice

Supply and Demand

Elasticity of Demand and Supply

Microeconomics vs. Macroeconomics

GDP and Economic Growth

International Trade

Globalization and its impacts

Government Intervention in Markets

Market Failures

Inflation and Unemployment

Market Equilibrium

Consumer and Producer Surplus

Introduction to Macroeconomics

Monetary Policy

Unit 4

Basics of Economics

Introduction to Economics

Supply and Demand

Market Equilibrium

Elasticity of Demand and Supply

Microeconomics vs. Macroeconomics

Introduction to Macroeconomics

Inflation and Unemployment

International Trade

Globalization and its impacts

Scarcity and Choice

GDP and Economic Growth

Market Failures

Government Intervention in Markets

Consumer and Producer Surplus

Monetary Policy

Unit 5

Basics of Economics

Supply and Demand

Market Equilibrium

Consumer and Producer Surplus

Market Failures

Government Intervention in Markets

Microeconomics vs. Macroeconomics

Introduction to Macroeconomics

GDP and Economic Growth

Monetary Policy

International Trade

Globalization and its impacts

Scarcity and Choice

Inflation and Unemployment

Introduction to Economics

Elasticity of Demand and Supply

Unit 3 • Chapter 2

Scarcity and Choice

Key Insights

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Concept Check

With limited resources, how does scarcity impact consumer choices?

Scarcity has no impact on choices.

Scarcity simplifies decision-making.

Scarcity forces trade-offs and prioritization.

Scarcity increases resource availability.

If resources are abundant, what impact does this have on the concept of scarcity?

Abundance has no relation to scarcity.

Abundance diminishes the impact of scarcity.

Abundance creates artificial scarcity.

Abundance intensifies scarcity effects.

How do opportunity costs arise from scarcity and choice?

Opportunity costs simplify decision-making.

Opportunity costs increase resource availability.

Opportunity costs are unrelated to scarcity.

Opportunity costs reflect forgone alternatives.

Explain the relationship between scarcity, choice, and opportunity cost.

Scarcity necessitates choices, creating opportunity costs.

They are unrelated economic concepts.

Scarcity eliminates the need for choices.

Choice eliminates opportunity costs.

Introduction to Economics

Supply and Demand