3 Questions
What is the term used to describe the value of the next best alternative that is given up when a choice is made?
Opportunity cost
Which concept refers to the limited availability of resources to satisfy unlimited wants?
Scarcity
What does the production possibility curve illustrate?
Opportunity cost
Test your knowledge of economic concepts such as scarcity, opportunity cost, production possibility curve, and economic systems. This quiz covers definitions, scope, methods, and decision making units in a closed economic system.
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