Managerial Economics
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Questions and Answers

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?

  • 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?

  • Opportunity Cost
  • Dr. Al
  • Scarcity
  • Adam Smith (correct)

    • What are economic activities?

    <p>Any activity involved in efforts aimed at earning money and spending it to satisfy wants</p> Signup and view all the answers

    What is the definition of opportunity cost?

    <p>The cost of choosing to use resources for one purpose</p> Signup and view all the answers

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