Scarcity: is when all of a resource is completely used up is when there are limited goods and unlimited wants. happens only in poor countries. can be fixed with socialism. Question 2 1 pts What is thinking on the margin? making decisions that are of noneconomic importance making choices that are based on historical precedents making choices that ignore the marginal benefits, but not the marginal costs, of some activity making choices by comparing the additional benefits and additional costs from doing a little bit more of some activity. Question 3 1 pts The opportunity cost of a choice is: the opportunity of using the money to buy something else cheaper. the money cost that a person does not have to pay when doing something. the money that a buyer has to pay for an item the value of the highest-valued opportunity foregone.