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Questions and Answers
Which one of the following goods is considered a free good?
Which one of the following goods is considered a free good?
Which one of the following statements about free goods is true?
Which one of the following statements about free goods is true?
Which one of the following goods has become an economic good due to increasing population and pollution?
Which one of the following goods has become an economic good due to increasing population and pollution?
In Paper 1 of the exam, multiple choice questions (MCQ) will explore your understanding of which concept?
In Paper 1 of the exam, multiple choice questions (MCQ) will explore your understanding of which concept?
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Which one of the following is an example of a free good?
Which one of the following is an example of a free good?
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Which one of the following goods is NOT considered a free good?
Which one of the following goods is NOT considered a free good?
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Which one of the following is a characteristic of free goods?
Which one of the following is a characteristic of free goods?
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Which one of the following goods is considered an economic good?
Which one of the following goods is considered an economic good?
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Which one of the following goods is NOT considered a free good?
Which one of the following goods is NOT considered a free good?
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Which one of the following goods is NOT considered a free good?
Which one of the following goods is NOT considered a free good?
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Which one of the following best describes the basic economic problem?
Which one of the following best describes the basic economic problem?
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How do scarce resources affect prices in a free market?
How do scarce resources affect prices in a free market?
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What are the essential needs of human life?
What are the essential needs of human life?
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How do scarce resources affect the costs of production for producers?
How do scarce resources affect the costs of production for producers?
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What do workers want in their working environment?
What do workers want in their working environment?
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What decision do governments have to make regarding goods/services?
What decision do governments have to make regarding goods/services?
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What are economic goods?
What are economic goods?
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What makes a good an economic good?
What makes a good an economic good?
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What does economics study?
What does economics study?
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Study Notes
Free Goods
- A free good is a good that is available in unlimited supply, making it non-rivalrous and non-excludable.
- Examples of free goods include air, sunshine, and scenic views.
Economic Goods
- An economic good is a good that is scarce, making it rivalrous and excludable.
- Examples of economic goods include food, clothing, and shelter.
- Economic goods are limited in supply, which affects their prices and production costs.
Basic Economic Problem
- The basic economic problem is the scarcity of resources, which leads to competition for their allocation.
- This problem arises because human needs are unlimited, but resources are limited.
Human Needs
- Essential needs of human life include food, shelter, clothing, and other basic necessities.
Governments and Goods/Services
- Governments have to make decisions about the allocation of goods and services, considering the needs of their citizens.
Economics
- Economics studies the allocation of scarce resources to meet unlimited human needs.
Scarce Resources
- Scarce resources affect prices in a free market by creating competition and driving up prices.
- Scarce resources also increase the costs of production for producers.
Workers and Work Environment
- Workers want a safe and healthy working environment, which is an essential aspect of their job satisfaction.
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Description
Test your knowledge on scarcity and the basic economic problem with this quiz. Learn about finite resources, unlimited wants, needs vs. wants, and more.
