5 Questions
What is scarcity in economics?
The excess of human wants over what can actually be produced to fulfill these wants.
What are the factors of production in economics?
Land, labour, capital, and entrepreneurship.
What is opportunity cost in economics?
The value of the next best alternative sacrificed.
What is efficiency in economics?
Making the best possible use of scarce resources, minimizing their waste.
What is equity in economics?
The idea of fairness.
Test your understanding of scarcity and choice in economics with this quiz. Explore the concept of limited resources and unlimited human wants, and how this impacts production and consumption. This quiz will challenge your knowledge of the fundamental principles of economics and help you understand the importance of making choices in a world of scarcity.
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