Worksheet 2 The Problem of Choice

Name/Class: Vanessa Chen/10B

INSTRUCTION:
Read the article below and answer the questions that follow:
 Source: Economics Course Companion 2020 Edition
QUESTION:
Write down the definition of the following terms and use the information from the text to illustrate the meaning of those
terms: a. Scarcity = resource that exists a finite amount/ limited resources, the example is helium it says that
Helium supplies will run out in 10 years because Helium came from rocks
b. Opportunity Cost = the potential benefits that someone will miss out on, when choosing one/ other alternative. Like in the text, to keep the
natural resources from disappearing they need to replace batteries and sell mobile phones which are much more expensive, and also they
need to pay more for it. Something that they missed out on is low cost of producing this mobile phone and bigger market, because when they
replace their batteries and pay more to produce mobile phones it means they will sell it more expensive that will make people at the lower end
will not buy the mobile phone which will make the market become smaller and fewer buyers
c. Sustainability = maintenance and keep a natural resource to prevent it from disappearing, the example from the text is replace batteries and
recycle all the elements and replace with something else