Hey there, budding economist! Welcome to the wonderful world of scarcity, choice, and opportunity cost. Now, before you roll your eyes and wonder why you're spending your precious time on these topics, let me assure you, it’s worth it! You see, scarcity is the unavoidable reality that resources are limited, while human wants and needs are seemingly unlimited.

This fact of life forces us to make choices. And speaking of choices, they often come with an opportunity cost. The opportunity cost is what you give up when you choose one option over another. It’s like deciding between eating a slice of pizza or going for a jog; you can’t have both (tragic, I know!).

To really wrap your head around these concepts, first watch our engaging video above. Once you've finished, flex those economic muscles by tackling the practice questions below.

If you’re really thirsty for practice, feel free to download the bonus problem set to work on in your own time.

Good luck!