10 Questions
What is the fundamental problem that leads to the necessity of making choices in economics?
Limited resources and unlimited wants
Which type of incentive includes motivations like money, personal happiness, or success?
Positive incentive
What motivates people to avoid things like failure, poverty, embarrassment, or loss?
Negative incentives
What is the study of understanding human behavior by examining the ways people make decisions?
Economics
Why do people and governments have to make choices about how to distribute and use their resources?
Due to scarcity of resources
What is the term for weighing the pros and cons of choices?
Cost-benefit analysis
What does opportunity cost refer to in economic decision making?
The value of the next best alternative that is given up
Which concept involves focusing on one thing to practice and get better at it?
Specialization
What are the characteristics required for being a successful entrepreneur?
Highly motivated, organized, driven, and innovative
Which term refers to the ability to do something using the fewest resources and least waste?
Efficiency
Test your knowledge of the fundamental concepts of economics, including the study of choice, scarcity, and decision-making processes. Explore how humans make decisions and the impact of scarcity on choices.
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