Explore Economic Principles Quiz

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What is the basic economic problem resulting from unlimited wants and limited resources?

Overabundance

Scarcity (correct)

Abundance

Surplus

Which of the following is not considered a factor of production?

Land

Technology (correct)

Capital

Labour

What does opportunity cost refer to?

The next best alternative given up when choosing another item (correct)

The cost of essential goods and services

The cost of luxury goods and services

The total cost of all available alternatives

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

Focusing on a specific task or skill in production Signup and view all the answers

What is the risk-taking ability of an entrepreneur referred to as?

Enterprise Signup and view all the answers

Specialization in economics refers to the concentration of productive efforts on a specific task or a narrow range of tasks.

True Signup and view all the answers

Opportunity cost is the cost of an opportunity that is currently being pursued.

False Signup and view all the answers

Land, labor, capital, and enterprise are the four factors of production.

True Signup and view all the answers

Scarcity is the result of limited resources and unlimited wants.

True Signup and view all the answers

Entrepreneurship is the factor of production that involves the risk-taking ability of an individual.

True Signup and view all the answers

Explore Economic Principles Quiz

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Questions and Answers

What is the basic economic problem resulting from unlimited wants and limited resources?

Which of the following is not considered a factor of production?

What does opportunity cost refer to?

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

What is the risk-taking ability of an entrepreneur referred to as?

Specialization in economics refers to the concentration of productive efforts on a specific task or a narrow range of tasks.

Opportunity cost is the cost of an opportunity that is currently being pursued.

Land, labor, capital, and enterprise are the four factors of production.

Scarcity is the result of limited resources and unlimited wants.

Entrepreneurship is the factor of production that involves the risk-taking ability of an individual.

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