5 Questions
According to Principle 1, what do organizations and governments face?
Trade-offs
What is the cost of something according to Principle 2?
What you give up to get it
What is the concept of opportunity cost?
Whatever must be given up to obtain something
What are the expenses Abdul Muhsin will have if he enrolls in Alfaisal University?
Tuition, books and supplies, shared apartment rent
What will Abdul Muhsin's expenses be if he does not enroll in Alfaisal University?
Books and supplies
Test your knowledge of economic principles with this quiz! Explore the concept of trade-offs and the cost of choices in various scenarios. Discover how organizations and governments face tough decisions and weigh their options. Challenge your understanding of economic concepts and principles.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
