10 Questions
What is the difference between needs and wants in economics?
Needs are essential for survival while wants are desires for comfort and upgrades.
What concept refers to the loss of potential gain from other alternatives when one alternative is chosen?
Opportunity Cost
Which term describes a graph showing all the different combinations of output that can be produced given current resources and technology?
Production Possibilities Curve
What concept explains the balance achieved between two desirable but incompatible features in economics?
Trade Offs
In economics, what is the term for products created for direct consumption by individuals?
Consumer Goods
Which type of opportunity cost occurs when the opportunity cost of a good remains constant as the output of the good increases?
Constant Opportunity Cost
What describes the law that states there is an inverse relationship between price and quantity demanded?
Demand
What is the term for products that create consumer goods in economics?
Capital Goods
Which term represents an activity that people do to help others in economics?
Service
What type of goods are income and demand for the product directly related to?
Normal Goods
Learn about the fundamental concepts in economics, including microeconomics, macroeconomics, needs, wants, goods, services, the three economic questions, and trade-offs.
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