3 Questions
Which of the following is a basic economic problem?
Scarcity of resources
What is the primary concern of economics?
Allocating resources efficiently
What is the opportunity cost of a decision?
The cost of the next best alternative foregone
Study Notes
Basic Economic Problems
- Scarcity is a basic economic problem, which means that the needs and wants of individuals are unlimited, but the resources available to satisfy them are limited.
Primary Concern of Economics
- The primary concern of economics is to allocate scarce resources in the most efficient way to meet the unlimited wants and needs of individuals.
Opportunity Cost
- The opportunity cost of a decision is the value of the next best alternative that is given up when a choice is made.
- It represents the trade-off between different options, and it is an essential concept in economics because it helps individuals and businesses make informed decisions.
Test your knowledge of basic economic problems, the primary concern of economics, and the concept of opportunity cost with this grade 9 araling panlipunan quiz.
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