5 Questions
Which term refers to a person's desires or preferences for specific ways of satisfying a basic need?
Wants
What is the study of how people make choices to satisfy their needs and wants using limited resources?
Economics
What is the value of the next best alternative sacrificed when choosing a particular option called?
Opportunity Cost
What is the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives called?
Economic choice
What is the term used to describe a shortage where the demand for a good or service is greater than its availability?
Scarcity
Test your knowledge on the fundamental concepts of economics, including choices, resource allocation, scarcity, economic goods, and services. Discover how people satisfy their unlimited wants using limited resources through this informative quiz.
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