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Questions and Answers
What is the basic economic problem?
What is the basic economic problem?
- Unlimited resources and unlimited wants
- Unlimited wants and limited resources (correct)
- Unlimited resources and limited wants
- Equal distribution of resources
Which of the following is an example of a 'want'?
Which of the following is an example of a 'want'?
- Shelter
- Cars (correct)
- Water
- Food
What does opportunity cost refer to?
What does opportunity cost refer to?
- The total cost of an opportunity
- The cost of essential goods and services
- The cost of luxury items
- The next best alternative forgone by choosing another item (correct)
What does business studies encompass?
What does business studies encompass?
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What did the government choose to construct instead of a road due to scarcity?
What did the government choose to construct instead of a road due to scarcity?
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What is the basic economic problem?
What is the basic economic problem?
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Which of the following is an example of a 'need'?
Which of the following is an example of a 'need'?
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What does scarcity lead to?
What does scarcity lead to?
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What is opportunity cost?
What is opportunity cost?
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What did the government choose to construct instead of a road due to scarcity?
What did the government choose to construct instead of a road due to scarcity?
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