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Questions and Answers
What is the basic economic problem resulting from unlimited wants and limited resources?
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?
Which of the following is not considered a factor of production?
- Land
- Technology (correct)
- Capital
- Labour
What does opportunity cost refer to?
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?
What does the term 'specialization' refer to in economics?
What is the risk-taking ability of an entrepreneur referred to as?
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.
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.
Opportunity cost is the cost of an opportunity that is currently being pursued.
Land, labor, capital, and enterprise are the four factors of production.
Land, labor, capital, and enterprise are the four factors of production.
Scarcity is the result of limited resources and unlimited wants.
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.
Entrepreneurship is the factor of production that involves the risk-taking ability of an individual.
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