Fundamental Concepts of Economics Quiz
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Questions and Answers

Which term refers to the study of how people make choices to satisfy their needs and wants using limited resources?

  • Unlimited Wants
  • Economics (correct)
  • Resource Allocation
  • Economic Goods

    • What is the term for a task that you pay other people to perform for you?

  • Scarcity
  • Economic Goods
  • Service (correct)
  • Opportunity Cost

    • What do wants refer to?

  • Things that are necessary for survival
  • The decision-making process for individuals, businesses, and societies
  • Desires or preferences for specific ways of satisfying a basic need (correct)
  • 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?

    <p>Economic choice</p> Signup and view all the answers

    What is the term for the value of the next best alternative sacrificed when choosing a choice?

    <p>Opportunity Cost</p> Signup and view all the answers

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