Questions and Answers
Define economics.
Define scarcity.
Define the 4 factors of production.
Define entrepreneur.
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Define opportunity cost.
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Define efficiency.
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Define incentives. How do they motivate people.
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What is the main incentive for a business.
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Which of the following best describes a Production Possibilities Graph?
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How can an economy increase its production possibilities?
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How does a Production Possibilities Graph show opportunity cost?
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What are the 3 key economic questions?
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What is market failure?
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What does a Production Possibilities Graph show?
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How can an economy increase its production possibilities?
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How does a Production Possibilities Graph show opportunity cost?
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What are the 3 key economic questions?
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Define market failure.
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What does a Production Possibilities Graph show?
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How can an economy increase its production possibilities?
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What does a Production Possibilities Graph show about opportunity cost?
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What are the 3 key economic questions?
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What is market failure?
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Which of the following best describes free enterprise?
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What is market failure?
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How do consumers tell the government and businesses what they want?
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