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Basic Economics Concepts Quiz

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Questions and Answers

What is the term used to describe the value of the next best alternative that is given up when a choice is made?

Production possibility curve

Opportunity cost (correct)

Economic system

Scarcity

Which concept refers to the limited availability of resources to satisfy unlimited wants?

Scarcity (correct)

Decision making units in closed economic

Economic system

Choice

What does the production possibility curve illustrate?

Opportunity cost (correct)

Decision making units in closed economic

Economic definition

Scope of economics

Basic Economics Concepts Quiz

Choose a study mode

Podcast

Questions and Answers

What is the term used to describe the value of the next best alternative that is given up when a choice is made?

Which concept refers to the limited availability of resources to satisfy unlimited wants?

What does the production possibility curve illustrate?

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