A hospital has one MRI scanner but more patients needing scans today than it can serve. What economic condition does this show?

What does economics primarily study?

At a barbershop, Milo pays for a haircut, a bottle of shampoo, a comb, and a jar of hair gel. Which purchase is a service?

A family has limited income. Which purchase is most clearly a need rather than a want?

At a concert ticket price of $20, 500 people want tickets but only 300 tickets are offered. What exists at that price?

Luis can choose one Saturday activity: a work shift earning $90, a concert he values at $70, or a free SAT workshop he values at $110. He attends the workshop. What is his opportunity cost?

A bakery uses its only oven to bake bread for an afternoon instead of cakes. What is the opportunity cost of baking the bread?

A city turns an empty lot into a public park instead of a paid parking lot. What trade-off does the city make?

Priya spends two hours studying for an economics test instead of working a paid babysitting job. What is the opportunity cost of studying?

Nora has $40 and can buy only one item. She buys movie tickets but values a concert ticket at $35, a book at $20, and a game at $15. What is her opportunity cost?

A student takes an after-school job rather than joining the debate team. Which statement best describes the trade-off?

A winery relies on the soil and climate of its hillside vineyard to grow grapes. Which factor of production is the hillside site?

A restaurant hires cooks to prepare meals for customers. Which factor of production do the cooks represent?

A manufacturer buys an automated packaging machine for its factory. Which factor of production is the machine?

Jordan starts a food truck, combines workers and equipment, and accepts the risk of opening the business. Which factor of production does Jordan provide?

Which list gives the four factors of production?

A factory offers employees a $2 bonus for each unit produced above their usual daily target. What type of incentive is the bonus?

A city begins charging shoppers 10 cents for each disposable plastic bag. What type of incentive is the fee?

A college offers a $500 scholarship to students who complete a financial-literacy course. How does this incentive change a student's decision?

A company receives a tax credit for every solar panel it manufactures. How does the credit affect its choice to make one more panel?

A car wash earns $14 from washing one additional car and incurs $9 in water and labor costs. Should it wash the additional car?

A bakery earns $1.25 from selling one more muffin, and the ingredients and labor for that muffin cost $0.90. What should the bakery do?

A household would get $8 of benefit from adding a streaming service, but the service costs $12 per month. What is the rational marginal decision?

For one more unit of output, a firm's marginal benefit is $7 and its marginal cost is also $7. Based only on these figures, what is the best decision?

With all resources fully used, a nation can produce either 20 computers or 100 tablets, trading at that constant rate. What is the opportunity cost of one additional computer?

A nation uses all its resources efficiently. To produce more medical equipment, it must produce less farm equipment. What does the farm equipment given up represent?

A country's straight-line production possibilities curve runs from 60 tons of wheat and 0 engines to 0 tons of wheat and 30 engines. It produces 30 tons of wheat and 15 engines. How is this production point classified?

New technology lets a country produce more of either of two goods while using the same resources. What happens to its production possibilities curve?

A firm pays monthly rent to the household that owns the building it uses. In the circular flow model, this payment occurs in which market?

A household buys groceries from a supermarket. In the circular flow model, how does the household's spending move?

A worker provides labor to a firm and receives a paycheck. Which flow does the paycheck represent in the circular flow model?

When households buy shoes from a retailer, what moves from the firm to the households through the product market?

A researcher asks how a single coffee shop should change its price after a nearby rival opens. Is this microeconomics or macroeconomics?

A report asks why the unemployment rate changed across the entire United States this year. Is this microeconomics or macroeconomics?

A question asks whether the overall price level in the national economy is rising. Which branch of economics addresses this question?