Listening Guide for ‘Introducing the Market System’ (Video)
1. The fundamental problem of scarcity relates to people having ___________________
and _______________________________________
2. Define the term ‘opportunity cost of a resource’ and provide an example to
demonstrate your understanding.
3. Identify the three important questions that every nation needs to answer when dealing
with the problem of scarcity:
Question1:
Question 2:
Question 3:
4. Provide an explanation for each of the economic terms below:
Market
Equilibrium price
Consumer sovereignty