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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?
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?
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?
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?
What does the term 'Capital' refer to in economics?
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What is the Greek origin of the word 'Economics'?
What is the Greek origin of the word 'Economics'?
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