10 Questions
Which term refers to attaining maximum output with the least possible input?
Efficiency
What is the study of how society manages its scarce resources called?
Managerial Economics
Which term describes the condition where the demand for a service cannot be met by the current supply?
Shortage
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
Opportunity Cost
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
Utility
Which term refers to the temporary condition where the demand for a service cannot be met by the current supply?
Shortage
What is the study of how society manages its scarce resources called?
Economy
Which term describes attaining maximum output with the least possible input?
Efficiency
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
Opportunity Cost
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
Utility
Test your knowledge on the fundamental concepts of managerial economics, including the economy, resource allocation, efficiency, effectiveness, and scarcity. Gain a better understanding of how society manages its scarce resources and achieves optimal outcomes.
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