5 Questions
Which term refers to the study of how people make choices to satisfy their needs and wants using limited resources?
Economics
What is the term for a task that you pay other people to perform for you?
Service
What do wants refer to?
Desires or preferences for specific ways of satisfying a basic need
What is the term for the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives?
Economic choice
What is the term for the value of the next best alternative sacrificed when choosing a choice?
Opportunity Cost
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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