Podcast
Questions and Answers
What is the difference between needs and wants in economics?
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?
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?
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?
What concept explains the balance achieved between two desirable but incompatible features in economics?
In economics, what is the term for products created for direct consumption by individuals?
In economics, what is the term for products created for direct consumption by individuals?
Which type of opportunity cost occurs when the opportunity cost of a good remains constant as the output of the good increases?
Which type of opportunity cost occurs when the opportunity cost of a good remains constant as the output of the good increases?
What describes the law that states there is an inverse relationship between price and quantity demanded?
What describes the law that states there is an inverse relationship between price and quantity demanded?
What is the term for products that create consumer goods in economics?
What is the term for products that create consumer goods in economics?
Which term represents an activity that people do to help others in economics?
Which term represents an activity that people do to help others in economics?
What type of goods are income and demand for the product directly related to?
What type of goods are income and demand for the product directly related to?
