Economics Essentials

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Questions and Answers

Which term refers to the condition where there are insufficient resources to satisfy all the needs and wants of the population?

  • Economics
  • Opportunity Cost
  • Scarcity (correct)
  • Labor

What are the factors of production in economics?

  • Income, Wage, and Resources
  • Opportunity Cost, Scarcity, and Economics
  • Land, Labor, and Capital (correct)
  • Goods and Services, Production, and Distribution

Which term refers to the value of the best foregone conclusion?

  • Scarcity
  • Labor
  • Opportunity Cost (correct)
  • Economics

What does the term 'Capital' refer to in economics?

<p>The resources used to produce goods and services (A)</p> Signup and view all the answers

What is the Greek origin of the word 'Economics'?

<p>Oikos (House) and Nomos (rules) (D)</p> Signup and view all the answers

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