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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)

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.