Grade 9 Economics Formulas Quiz

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Questions and Answers

Which of the following is a basic economic problem?

Abundance of resources
Equal distribution of resources
Unlimited wants and needs
Scarcity of resources (correct)

What is the primary concern of economics?

Minimizing costs
Maximizing profit
Equal distribution of wealth
Allocating resources efficiently (correct)

What is the opportunity cost of a decision?

The initial investment cost
The long-term cost
The total cost incurred
The cost of the next best alternative foregone (correct)

Flashcards

Scarcity of resources

The fundamental problem of economics, where limited resources must meet unlimited wants.

What is the primary concern of economics?

The study of how best to allocate resources amongst competing uses.

What is opportunity cost?

The value of the next best alternative that is given up when making a decision.

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.

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Description

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.