5 Questions
What is economics?
The study of how humans make decisions in the face of scarcity
What is the law of supply?
As the price of a good increases, the quantity supplied increases
What does the law of demand explain?
The inverse relationship between price and quantity demanded
What does market equilibrium refer to?
The point where quantity demanded equals quantity supplied
What does scarcity refer to in economics?
Limited resources relative to unlimited wants
Test your knowledge of fundamental economic principles and their impact on the business environment with this quiz. Explore topics such as economics, economic systems, the law of demand, the law of supply, market equilibrium, and surplus.
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