10 Questions
Which of the following best defines economics?
The study of how people make choices in a world of scarcity
What are the fundamental economic questions?
How to produce, what to produce, and for whom to produce
What is scarcity?
The limited availability of resources compared to unlimited wants
What is opportunity cost?
The value of the next best alternative that is given up when a choice is made
What do factors of production refer to?
Resources used to produce goods and services
An economy uses factors of production to produce goods and services, which are then distributed to various economic ______ in the economy.
agents
Money facilitates the ______ of goods and services.
distribution
We will spend lots of time looking at topics related to ______ in later lectures.
money
Factors of productions will be introduced in the next ______.
segment
Economics is a social science that examines how people choose among the ______ available to them.
alternatives
Test your knowledge of basic macroeconomic principles with this quiz on supply, demand, and other fundamental concepts. Learn about economics, scarcity, opportunity cost, and how they all tie into the field.
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