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Economics Essentials
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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</p> Signup and view all the answers

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

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

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