16 Questions
What is the main focus of the K12 program mentioned in the text?
Helping students make decisions on tracks and strands
How was economics present in the students' decision-making process mentioned in the text?
By considering the scarcity of resources and opportunity cost
What situation is presented in the 'Deserted Island Wishlist' scenario?
Survivors stranded on an island without any resources
What task are the students supposed to complete in the 'Deserted Island Wishlist' scenario?
Prepare a list of ten items they want to find inside a container
What happens to the supplies after a few hours with the new supplies in the 'Deserted Island Wishlist' scenario?
They are destroyed by a natural disaster
What is the purpose of dividing the class into groups in the 'Deserted Island Wishlist' scenario?
To share resources and collaborate on tasks
What does economics seek to understand?
How choices are made
What is scarcity in an economic context?
Limited availability of resources relative to demand
What is utility in the context of economics?
The satisfaction or usefulness a good can bring
Which term represents the value of the next best alternative in economics?
Opportunity cost
What does the Production Possibility Frontier diagram model?
Scarcity and choice
According to economics, why are individuals forced to make choices?
Because resources are scarce
In economic terms, what represents the consideration when making decisions?
Scarcity and choice
What does an individual give up by choosing something else according to economics?
The opportunity cost
What does economics believe humans are in terms of decision-making?
Rational beings
What does the blue curve on the Production Possibility Frontier diagram represent?
The limited resources available
This quiz covers the application of economics in the decision-making process of students choosing their track and strand under the K12 program introduced in 2013. It aims to help students understand how economics played a role in this significant life decision.
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