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available.","mcqOptions":[{"text":"Scarcity means wants exceed the resources available.","correct":true,"explanation":"Scarcity exists because human wants are unlimited while the resources available to satisfy them are limited. This applies to individuals, firms and whole economies, so none can obtain everything desired."},{"text":"Choice means wants exceed the resources available.","correct":false,"explanation":"Choice describes selecting between alternatives, not the underlying shortage of resources. The correct term is scarcity, because wants exceed the resources available to satisfy them."},{"text":"Opportunity cost means wants exceed the resources available.","correct":false,"explanation":"Opportunity cost is the next best alternative forgone after making a choice. The reason every want cannot be satisfied is scarcity, where wants exceed available resources."},{"text":"Specialisation means wants exceed the resources available.","correct":false,"explanation":"Specialisation means concentrating on producing particular goods or services. It does not explain why resources cannot satisfy every want; scarcity is the relevant economic problem."}]},{"id":"9aa34a5a-917c-41d4-a769-c667c1e9d893","cardType":"basic","points":1,"front":"What is an economic agent?","back":"An economic agent is an individual, household, firm or government making decisions.","mcqOptions":[{"text":"An economic agent is an individual, household, firm or government making decisions.","correct":true,"explanation":"An economic agent is any decision-maker involved in economic activity. Individuals, households, firms and governments all make choices about using scarce resources."},{"text":"An economic agent is an individual, household, firm or government supplying only labour.","correct":false,"explanation":"Economic agents make a wide range of decisions, not just decisions about supplying labour. Individuals, households, firms and governments qualify because each makes economic choices."},{"text":"An economic agent is a market where buyers and sellers exchange goods.","correct":false,"explanation":"A market is a mechanism for exchange between buyers and sellers, whereas an economic agent is a decision-making individual, household, firm or government."},{"text":"An economic agent is a resource used to produce goods and services.","correct":false,"explanation":"Resources such as labour, land and capital are inputs, not decision-makers. An economic agent is an individual, household, firm or government making economic decisions."}]},{"id":"07e205e2-77cc-4cd3-94b4-67b6969a6b49","cardType":"basic","points":1,"front":"What does making an economic choice involve?","back":"Choice is selecting one option and rejecting the others.","mcqOptions":[{"text":"Choice is selecting one option and rejecting the others.","correct":true,"explanation":"Making an economic choice requires selecting one option from available alternatives. Because resources are scarce, choosing one use means rejecting at least some other uses."},{"text":"Choice is selecting every option and sharing resources equally.","correct":false,"explanation":"Scarcity usually prevents every option from being selected. Choice means selecting one option and rejecting the others, rather than automatically sharing resources equally."},{"text":"Choice is increasing resources until every want is satisfied.","correct":false,"explanation":"Choice is necessary because resources cannot normally be increased enough to satisfy every want. It involves selecting one option and rejecting alternatives."},{"text":"Choice is selecting the cheapest option regardless of its benefits.","correct":false,"explanation":"Price alone does not define an economic choice, because benefits and opportunity costs also matter. Choice means selecting one option and rejecting the others."}]},{"id":"163d9135-8d7f-46e0-9576-96f0a5019c20","cardType":"basic","points":1,"front":"What is the opportunity cost of a choice?","back":"The opportunity cost is the next best alternative forgone.","mcqOptions":[{"text":"The opportunity cost is the next best alternative forgone.","correct":true,"explanation":"Opportunity cost measures the benefit of the next best alternative that is given up when a choice is made. Rejected options below that alternative are not included."},{"text":"The opportunity cost is the total value of every alternative forgone.","correct":false,"explanation":"Adding every rejected alternative overstates opportunity cost. The correct measure is only the next best alternative forgone, because that is the most valuable option sacrificed."},{"text":"The opportunity cost is the money price paid for the chosen option.","correct":false,"explanation":"The money price is the financial cost of a purchase, but opportunity cost is broader. It is the benefit of the next best alternative forgone."},{"text":"The opportunity cost is the least valuable alternative forgone.","correct":false,"explanation":"The least valuable rejected option is not the relevant comparison. Opportunity cost is determined by the next best, or highest-value, alternative that was forgone."}]},{"id":"bcf56d42-5b36-465c-a350-372945f85efd","cardType":"basic","points":1,"front":"Why must scarce resources be allocated between wants?","back":"Limited resources cannot satisfy every want at the same time.","mcqOptions":[{"text":"Limited resources cannot satisfy every want at the same time.","correct":true,"explanation":"Resources are limited relative to wants, so they must be allocated between competing uses. Using resources for one want prevents them being used for another at the same time."},{"text":"Limited resources can satisfy every want at the same time.","correct":false,"explanation":"This ignores scarcity. Limited resources cannot satisfy every want simultaneously, which is why choices and allocation between competing wants are necessary."},{"text":"Limited resources cannot satisfy every want after prices have been removed.","correct":false,"explanation":"Prices can influence allocation but do not create the fundamental problem. Scarcity means limited resources cannot satisfy every want at the same time."},{"text":"Limited resources cannot satisfy every want unless firms produce identical goods.","correct":false,"explanation":"Producing identical goods would not remove scarcity and could reduce the range of wants met. Resources must be allocated because they cannot satisfy every want simultaneously."}]},{"id":"b19a8265-ff26-4425-b9f8-975b4479a0cb","cardType":"basic","points":1,"front":"At which three levels are economic choices made?","back":"The same opportunity-cost logic applies to households, firms and governments.","mcqOptions":[{"text":"The same opportunity-cost logic applies to households, firms and governments.","correct":true,"explanation":"Households, firms and governments all face scarce resources and competing uses. Choosing one option means giving up the next best alternative at each of these three levels."},{"text":"The same opportunity-cost logic applies to consumers, retailers and international banks.","correct":false,"explanation":"These are possible economic agents, but they do not identify the three broad levels asked for. The relevant levels are households, firms and governments."},{"text":"The same opportunity-cost logic applies to workers, managers and shareholders.","correct":false,"explanation":"Workers, managers and shareholders may make decisions, but they are roles within economic organisations rather than the three levels specified. The levels are households, firms and governments."},{"text":"The same opportunity-cost logic applies to markets, industries and economies.","correct":false,"explanation":"Markets, industries and economies describe structures or scopes of economic activity, not the three decision-making levels in this question. Those levels are households, firms and governments."}]},{"id":"c7bd22b4-8188-4e02-ae00-874338abc005","cardType":"basic","points":1,"front":"What choices do individuals and households make?","back":"Households choose what to buy and how much to work, spend or save.","mcqOptions":[{"text":"Households choose what to buy and how much to work, spend or save.","correct":true,"explanation":"Households make consumption and labour-supply decisions. They choose which goods to buy and how to divide their resources between working, spending and saving."},{"text":"Households choose what to buy and how much to produce, export or tax.","correct":false,"explanation":"Production and exports are mainly firm decisions, while taxation is primarily a government function. Households choose what to buy and how much to work, spend or save."},{"text":"Households choose what to buy and how much to borrow, regulate or invest publicly.","correct":false,"explanation":"Households may borrow or invest privately, but regulating markets and making public investment are government activities. The stated household choices concern work, spending and saving."},{"text":"Households choose what to buy and how much to hire, subsidise or manufacture.","correct":false,"explanation":"Hiring and manufacturing are firm decisions, while subsidising is generally a government decision. Household choices include consumption and the allocation of time and income."}]},{"id":"2a7e9b4f-e3e3-45bf-b355-34d1bcb1df82","cardType":"basic","points":1,"front":"What is the opportunity cost when a worker saves for a housing deposit instead of travelling?","back":"A worker saving for a housing deposit gives up the travel trip they could have bought.","mcqOptions":[{"text":"A worker saving for a housing deposit gives up the travel trip they could have bought.","correct":true,"explanation":"The saving decision uses income for a housing deposit rather than travel. Therefore, the travel trip is the next best alternative forgone and is the opportunity cost."},{"text":"A worker saving for a housing deposit gives up the house they could have bought.","correct":false,"explanation":"Saving for the deposit contributes towards buying the house, so the house is not what is given up. The forgone alternative is the travel trip."},{"text":"A worker saving for a housing deposit gives up the interest earned on the deposit they could have received.","correct":false,"explanation":"The deposit may earn interest rather than forgo it. The relevant opportunity cost is the next best use of the income, namely the travel trip."},{"text":"A worker saving for a housing deposit gives up the wages they could have earned.","correct":false,"explanation":"The worker is deciding how to use earned income, not whether to work and earn it. The opportunity cost of saving in this example is the travel trip."}]},{"id":"573e4658-49b9-4068-bd86-4c7682eaed15","cardType":"basic","points":1,"front":"What production choices do firms make?","back":"Firms choose what to produce, how to produce it and how much to make.","mcqOptions":[{"text":"Firms choose what to produce, how to produce it and how much to make.","correct":true,"explanation":"Firms decide which goods or services to produce, which production methods and inputs to use, and the quantity to produce. These are their central production choices."},{"text":"Firms choose what consumers want, how governments tax them and how much labour exists.","correct":false,"explanation":"Firms respond to consumer demand and government policy but cannot determine those things entirely. Their production choices concern what, how and how much to produce."},{"text":"Firms choose which households to regulate, how to legislate and how much tax to collect.","correct":false,"explanation":"Regulation, legislation and tax collection are government functions. Firms choose their products, production methods and output levels instead."},{"text":"Firms choose what to save, how to vote and how much welfare to provide.","correct":false,"explanation":"These choices are associated mainly with households and governments. Firms make production decisions about what to produce, how to produce it and how much to make."}]},{"id":"de2dcb02-1083-42e7-8ee3-219f08b38089","cardType":"basic","points":1,"front":"What does a factory sacrifice when it uses fixed machine hours to produce more chairs?","back":"Producing more chairs means giving up some tables when machine hours are fixed.","mcqOptions":[{"text":"Producing more chairs means giving up some tables when machine hours are fixed.","correct":true,"explanation":"Fixed machine hours cannot be used for both extra chairs and the same quantity of tables. Increasing chair production therefore sacrifices some table production."},{"text":"Producing more chairs means giving up some wood when machine hours are fixed.","correct":false,"explanation":"Wood may also be used, but the example focuses on the output forgone because machine hours are fixed. The sacrificed output is some tables."},{"text":"Producing more chairs means giving up some workers when machine hours are fixed.","correct":false,"explanation":"Workers are an input, not the alternative output described in the example. Fixed machine hours mean that producing more chairs requires giving up some tables."},{"text":"Producing more chairs means giving up some profits when machine hours are fixed.","correct":false,"explanation":"Profits may change as output changes, but they are not the direct alternative sacrificed here. The factory gives up some tables when machine hours are fixed."}]},{"id":"36870e16-a6b5-4d41-a235-509a4f78502d","cardType":"basic","points":1,"front":"How do governments use choices to allocate scarce tax revenue?","back":"Governments allocate limited tax revenue between priorities such as healthcare, education and defence.","mcqOptions":[{"text":"Governments allocate limited tax revenue between priorities such as healthcare, education and defence.","correct":true,"explanation":"Tax revenue is limited, so governments must decide how much funding to allocate to competing public priorities such as healthcare, education and defence."},{"text":"Governments allocate limited tax revenue between priorities such as advertising, luxury goods and private holidays.","correct":false,"explanation":"These are not the standard public-service priorities funded by government budgets. Governments allocate scarce tax revenue between areas such as healthcare, education and defence."},{"text":"Governments allocate limited tax revenue between priorities such as wages, dividends and shareholder bonuses.","correct":false,"explanation":"Dividends and shareholder bonuses are private-sector distributions rather than normal government spending priorities. Public budgets commonly fund healthcare, education and defence."},{"text":"Governments allocate limited tax revenue between priorities such as imports, personal shopping and household savings.","correct":false,"explanation":"Imports, personal shopping and household saving are mainly private economic decisions. Governments allocate tax revenue between public priorities including healthcare, education and defence."}]},{"id":"6a7d5635-42c4-497f-b11e-3d4abddf0f07","cardType":"basic","points":1,"front":"What is the opportunity cost of funding a new hospital?","back":"If a government funds hospitals instead of schools, the opportunity cost is the next best use of the money.","mcqOptions":[{"text":"If a government funds hospitals instead of schools, the opportunity cost is the next best use of the money.","correct":true,"explanation":"Funding hospitals prevents the money being used for its next best alternative. That forgone public use, rather than every rejected project, is the opportunity cost."},{"text":"If a government funds hospitals instead of schools, the opportunity cost is the total cost of building the hospitals.","correct":false,"explanation":"The hospital cost is the expenditure on the chosen option, not its opportunity cost. Opportunity cost is the next best alternative use of that money."},{"text":"If a government funds hospitals instead of schools, the opportunity cost is the combined cost of all rejected projects.","correct":false,"explanation":"Adding all rejected projects confuses opportunity cost with total forgone possibilities. Only the next best alternative use of the money counts."},{"text":"If a government funds hospitals instead of schools, the opportunity cost is the tax revenue collected for the project.","correct":false,"explanation":"Tax revenue is the source of funding, not the opportunity cost. The opportunity cost is the next best use that the same money could have had."}]},{"id":"b64f1746-460e-48ab-8d04-d234e2a8f27c","cardType":"basic","points":1,"front":"A government chooses a £14 billion hospital over an £11 billion motorway and a £6 billion stadium. What is the opportunity cost?","back":"The motorway worth £11 billion.","mcqOptions":[{"text":"The motorway worth £11 billion.","correct":true,"explanation":"The motorway is the highest-value rejected option, worth £11 billion, so it is the next best alternative to the £14 billion hospital. The £6 billion stadium is not added."},{"text":"The stadium worth £6 billion.","correct":false,"explanation":"The stadium is a rejected option, but it is not the next best one because the motorway is worth £11 billion. Opportunity cost uses the highest-value rejected alternative."},{"text":"The motorway and stadium worth £17 billion.","correct":false,"explanation":"Adding both rejected projects is the classic opportunity-cost error. Only the next best alternative counts, so the opportunity cost is the £11 billion motorway."},{"text":"The hospital worth £14 billion.","correct":false,"explanation":"The hospital is the chosen project, not the alternative forgone. Its opportunity cost is the best rejected option, which is the £11 billion motorway."}]},{"id":"a53e3ecc-3b71-4b15-b98d-5f6e5440ef35","cardType":"basic","points":2,"front":"Why is the stadium not added to the motorway when calculating opportunity cost?","back":"The opportunity cost is not the value of all rejected options added together; it is only the next best alternative.","mcqOptions":[{"text":"The opportunity cost is not the value of all rejected options added together; it is only the next best alternative.","correct":true,"explanation":"Opportunity cost compares the chosen option with the single best rejected alternative. Adding the motorway and stadium would count alternatives that are not both the next best choice."},{"text":"The opportunity cost is the value of all rejected options added together; it includes every alternative.","correct":false,"explanation":"This adds every rejected option and overstates the sacrifice. Opportunity cost is only the value of the next best alternative, not the combined value of all alternatives."},{"text":"The opportunity cost is the value of the chosen option divided between rejected alternatives; it includes each share.","correct":false,"explanation":"Opportunity cost is not calculated by dividing the chosen option among alternatives. It identifies the single next best rejected option."},{"text":"The opportunity cost is the value of the least expensive rejected option; it excludes higher alternatives.","correct":false,"explanation":"Choosing the least expensive rejected option reverses the rule. The opportunity cost is the next best, usually highest-value, alternative that was forgone."}]},{"id":"593ba877-88e6-4256-a3ac-c8124931b145","cardType":"basic","points":2,"front":"How are the three levels of economic choice linked?","back":"Households supply resources and demand goods; firms use resources to produce; governments set the framework.","mcqOptions":[{"text":"Households supply resources and demand goods; firms use resources to produce; governments set the framework.","correct":true,"explanation":"The three levels interact: households provide factors and buy goods, firms transform resources into output, and governments establish the rules and conditions for economic activity."},{"text":"Households supply resources and demand goods; firms use resources to produce; governments set the prices.","correct":false,"explanation":"Governments can influence prices through taxes, subsidies and regulation, but they do not generally set all prices. Their wider role is setting the economic framework."},{"text":"Households supply resources and demand goods; firms use resources to produce; governments set the profits.","correct":false,"explanation":"Firms' profits depend on revenues and costs, not direct government determination. Governments set the framework within which households and firms make decisions."},{"text":"Households supply resources and demand goods; firms use resources to produce; governments set the quantity demanded.","correct":false,"explanation":"Demand reflects buyers' willingness and ability to purchase, rather than being directly set by governments. Governments establish the framework governing economic choices."}]},{"id":"4575f9ef-1c65-4d5d-92de-26aceb56d473","cardType":"basic","points":2,"front":"How can a choice made by one economic agent affect other agents?","back":"A choice at one level changes the choices available at the other levels.","mcqOptions":[{"text":"A choice at one level changes the choices available at the other levels.","correct":true,"explanation":"Economic agents are interdependent. For example, household spending affects firms' sales, firms' employment affects household income, and government policy changes options for both."},{"text":"A choice at one level changes the choices available only within the same level.","correct":false,"explanation":"Decisions have effects across the economy, not only within the decision-maker's group. Households, firms and governments influence the choices available to one another."},{"text":"A choice at one level changes the choices available at the other levels only when prices stay constant.","correct":false,"explanation":"Interdependence does not require constant prices. Changes in prices, income, employment and policy are among the ways one agent's choice affects others."},{"text":"A choice at one level changes the choices available at the other levels only after government approval.","correct":false,"explanation":"Many cross-level effects occur without government approval, such as changes in demand affecting firms. Government decisions are one source of influence, not a universal requirement."}]},{"id":"d8899e88-3e7f-468d-a9ba-49f65156b662","cardType":"basic","points":2,"front":"Why are government choices often more difficult than household or firm choices?","back":"Government choices affect many people and involve competing aims that cannot all be met.","mcqOptions":[{"text":"Government choices affect many people and involve competing aims that cannot all be met.","correct":true,"explanation":"Government decisions have consequences across society and must balance conflicting objectives, such as economic growth, equality and environmental protection, which makes trade-offs especially difficult."},{"text":"Government choices affect fewer people and involve competing aims that can all be met.","correct":false,"explanation":"This reverses the scale and trade-off problem. Government decisions affect many people, while competing aims often conflict, meaning they cannot all be achieved simultaneously."},{"text":"Government choices affect many people and involve identical aims that cannot all be met.","correct":false,"explanation":"The difficulty comes from competing, rather than identical, aims. Government choices affect many people and require trade-offs between objectives that cannot all be met."},{"text":"Government choices affect many people and involve competing aims that can all be met.","correct":false,"explanation":"Competing aims create unavoidable trade-offs, so they cannot all be met. Government choices are difficult because their effects extend to many people."}]},{"id":"1dda3b2b-b946-4e6c-aa61-98497537ebfb","cardType":"basic","points":3,"front":"How do the objectives of households, firms and governments differ?","back":"

Households aim for utility.
Firms aim for profit.
Governments weigh society-wide welfare.

","mcqOptions":[{"text":"

Households aim for utility.
Firms aim for profit.
Governments weigh society-wide welfare.

","correct":true,"explanation":"Households seek to maximise utility, firms generally seek profit, and governments assess the wider welfare of society when making choices."},{"text":"

Households aim for profit.
Firms aim for utility.
Governments weigh society-wide welfare.

","correct":false,"explanation":"This swaps the objectives of households and firms. Households aim for utility from consumption, whereas firms aim to earn profit from production."},{"text":"

Households aim for utility.
Firms weigh society-wide welfare.
Governments aim for profit.

","correct":false,"explanation":"Profit is normally a firm objective, while governments consider society-wide welfare. Households aim for utility, so the government and firm objectives are reversed here."},{"text":"

Households weigh society-wide welfare.
Firms aim for profit.
Governments aim for utility.

","correct":false,"explanation":"This assigns broad social welfare to households and individual utility to governments. Households seek utility, while governments weigh outcomes for society as a whole."}]},{"id":"c806fda2-2697-4cef-8495-32c880285c7c","cardType":"cloze","points":null,"front":"Scarcity means that wants exceed the [ ].","back":"Scarcity means that wants exceed the resources available.","mcqOptions":[{"text":"resources available","correct":true,"explanation":"Scarcity exists because resources available to satisfy wants are limited, while human wants exceed what can be produced or obtained."},{"text":"wants available","correct":false,"explanation":"Scarcity concerns the limitation of resources, not wants. Wants exceed the resources available, which creates the need to make choices."},{"text":"income available","correct":false,"explanation":"Income is one limited resource for households, but scarcity applies more broadly. Wants exceed all resources available, including time, labour and raw materials."},{"text":"goods demanded","correct":false,"explanation":"Demand describes how much consumers want to buy, whereas scarcity compares unlimited wants with limited resources available to satisfy them."}]},{"id":"e67f165a-9897-40f9-a9ed-fd2d670ac5b7","cardType":"cloze","points":null,"front":"Because resources are limited, scarcity [ ]; choosing one option means rejecting others.","back":"Because resources are limited, scarcity forces a choice; choosing one option means rejecting others.","mcqOptions":[{"text":"forces a choice","correct":true,"explanation":"Limited resources cannot satisfy every want, so scarcity forces individuals and organisations to choose between alternative uses of those resources."},{"text":"removes a choice","correct":false,"explanation":"Scarcity does not remove all choice; it makes choice necessary. Selecting one use of limited resources means rejecting competing alternatives."},{"text":"guarantees a choice","correct":false,"explanation":"Scarcity creates a need to choose but does not guarantee that the chosen option is beneficial. Every decision still involves rejecting other options."},{"text":"delays a choice","correct":false,"explanation":"Scarcity requires a decision about competing uses of limited resources; it does not merely postpone the decision or eliminate the underlying trade-off."}]},{"id":"705b97a5-7fbc-4493-86a5-2e0df9f036df","cardType":"cloze","points":null,"front":"A household's limited [ ] and time restrict the wants it can satisfy.","back":"A household's limited income and time restrict the wants it can satisfy.","mcqOptions":[{"text":"income","correct":true,"explanation":"Income limits a household’s purchasing power, so it cannot buy every desired good or service. Time is another constraint on the wants it can satisfy."},{"text":"wealth","correct":false,"explanation":"Wealth can influence spending capacity, but the stated household constraint is income. Income and time directly restrict current consumption and activities."},{"text":"profit","correct":false,"explanation":"Profit is primarily a firm’s objective or return, not the usual financial constraint facing a household. Household spending is restricted by income and time."},{"text":"utility","correct":false,"explanation":"Utility is the satisfaction households aim to maximise, not a resource constraint. Income and time limit which wants can actually be satisfied."}]},{"id":"15af58c1-7de3-43d4-959e-8f2f42e075ef","cardType":"cloze","points":null,"front":"A household's limited income and [ ] restrict the wants it can satisfy.","back":"A household's limited income and time restrict the wants it can satisfy.","mcqOptions":[{"text":"time","correct":true,"explanation":"Time is limited and must be allocated between work, consumption and leisure. This prevents a household from satisfying every want, even with income available."},{"text":"profit","correct":false,"explanation":"Profit is generally the objective of firms, not a household resource. Households face limits from income and time when satisfying their wants."},{"text":"utility","correct":false,"explanation":"Utility measures satisfaction and is the household’s objective, rather than a scarce resource. Income and time are the constraints on achieving that satisfaction."},{"text":"demand","correct":false,"explanation":"Demand expresses willingness and ability to purchase goods, but it is not the household constraint here. Limited income and time restrict what can be satisfied."}]},{"id":"54a71acc-14fc-4317-b347-0d6db0b4ae07","cardType":"cloze","points":null,"front":"Households aim for [ ], firms aim for profit, and governments weigh society-wide welfare.","back":"Households aim for utility, firms aim for profit, and governments weigh society-wide welfare.","mcqOptions":[{"text":"utility","correct":true,"explanation":"Households generally aim to maximise utility, meaning the satisfaction they gain from consuming goods and services, subject to constraints such as income and time."},{"text":"profit","correct":false,"explanation":"Profit is normally the objective of firms, which seek revenue above costs. Households instead aim to maximise utility from their consumption choices."},{"text":"society-wide welfare","correct":false,"explanation":"Society-wide welfare is the broad objective considered by governments. Households focus on their own utility, while firms generally pursue profit."},{"text":"revenue","correct":false,"explanation":"Revenue is the income firms receive from sales and is not the standard household objective. Households aim for utility from consuming goods and services."}]},{"id":"7b8bbe1f-2761-4443-9b78-6a6d48fa3d73","cardType":"cloze","points":null,"front":"Households aim for utility, firms aim for [ ], and governments weigh society-wide welfare.","back":"Households aim for utility, firms aim for profit, and governments weigh society-wide welfare.","mcqOptions":[{"text":"profit","correct":true,"explanation":"Firms generally aim to maximise profit, the difference between their revenue and costs, while households seek utility and governments consider wider welfare."},{"text":"utility","correct":false,"explanation":"Utility is the satisfaction households seek from consumption. Firms instead generally aim for profit, which depends on revenue exceeding production costs."},{"text":"society-wide welfare","correct":false,"explanation":"Governments weigh society-wide welfare when making policy. Firms usually focus on profit, while households aim to maximise their own utility."},{"text":"revenue","correct":false,"explanation":"Revenue is money received from sales, but it is not the same as profit because costs must be deducted. Firms generally aim to maximise profit."}]},{"id":"465609ca-800a-481b-aac2-d108277e0248","cardType":"cloze","points":null,"front":"A firm using its capacity to make one product gives up the [ ].","back":"A firm using its capacity to make one product gives up the profit from the next best product.","mcqOptions":[{"text":"profit from the next best product","correct":true,"explanation":"The opportunity cost of using scarce production capacity is the profit the firm could have earned by producing the next most profitable alternative product."},{"text":"revenue from the product it chooses","correct":false,"explanation":"Revenue from the chosen product is a benefit, not something sacrificed. The firm gives up the profit available from the next best product it could have produced."},{"text":"fixed cost of the next best product","correct":false,"explanation":"Fixed costs do not represent the forgone benefit of choosing between products. The relevant opportunity cost is the profit from producing the next best product."},{"text":"profit from the least profitable product","correct":false,"explanation":"Opportunity cost concerns the next best alternative, not the least attractive one. The firm sacrifices the profit it could have earned from the next best product."}]}]}],"examCountdown":null,"heading":"1.1.2 need to make choices at all levels (individuals, firms, governments)","title":"1.1.2 need to make choices at all levels (individuals, firms, governments) Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"dddc395f-9b65-433d-aa19-cba0d763a7b6","walled":"$L39"}],"$L3a","$L3b"]