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Questions and Answers
Which term refers to the imbalance between desires and means of satisfying those desires?
Which term refers to the imbalance between desires and means of satisfying those desires?
- Wants
- Opportunity Cost
- Economic Good
- Scarcity (correct)
What is the definition of an economic good?
What is the definition of an economic good?
- The cost of choosing to use resources for one purpose
- The study of nature and uses of national wealth
- Anything that yields utility and can be bought or sold in the market (correct)
- A person's desires or preferences for specific ways to satisfy a basic need
Who is considered the Father of Economics?
Who is considered the Father of Economics?
- Opportunity Cost
- Dr. Al
- Scarcity
- Adam Smith (correct)
What are economic activities?
What are economic activities?
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What is the definition of opportunity cost?
What is the definition of opportunity cost?
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