Economics Basics and Concepts
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Questions and Answers

What is the difference between needs and wants in economics?

  • Needs are luxuries while wants are necessities.
  • Needs are related to services while wants are related to goods.
  • Needs are essential for survival while wants are desires for comfort and upgrades. (correct)
  • Needs are expensive items while wants are budget-friendly.
  • What concept refers to the loss of potential gain from other alternatives when one alternative is chosen?

  • Demand
  • Opportunity Cost (correct)
  • Trade Offs
  • Production Possibilities Curve
  • Which term describes a graph showing all the different combinations of output that can be produced given current resources and technology?

  • Opportunity Cost
  • Demand
  • Trade Offs
  • Production Possibilities Curve (correct)
  • What concept explains the balance achieved between two desirable but incompatible features in economics?

    <p>Trade Offs</p> Signup and view all the answers

    In economics, what is the term for products created for direct consumption by individuals?

    <p>Consumer Goods</p> Signup and view all the answers

    Which type of opportunity cost occurs when the opportunity cost of a good remains constant as the output of the good increases?

    <p>Constant Opportunity Cost</p> Signup and view all the answers

    What describes the law that states there is an inverse relationship between price and quantity demanded?

    <p>Demand</p> Signup and view all the answers

    What is the term for products that create consumer goods in economics?

    <p>Capital Goods</p> Signup and view all the answers

    Which term represents an activity that people do to help others in economics?

    <p>Service</p> Signup and view all the answers

    What type of goods are income and demand for the product directly related to?

    <p>Normal Goods</p> Signup and view all the answers

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