6 Questions
What is the definition of economy?
Economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated.
What is the definition of resources in economics?
Resources is defined as a service or other asset used to produce goods and services that meet human needs and wants.
What is the definition of cost in economics?
In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others.
Economy is the large set of inter-related production and ______ activities that aid in determining how scarce resources are allocated.
consumption
Resources is defined as a service or other asset used to produce goods and services that meet human needs and ______.
wants
Cost in a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or ______ over others.
activity
Test your knowledge of basic economics concepts such as economy, resources, and cost with this quiz. Challenge yourself to understand how scarce resources are allocated and the trade-offs involved in decision-making.
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