10 Questions
What is the cost of the next best alternative called?
Opportunity cost
What are the 4 factors of production?
- Land, 2. Labour, 3. Capital, 4. Entrepreneurship
What is the reward for land in the factors of production?
Rent
What is the economic term for dividing up production to achieve efficiency?
Specialization
What is the measure of the production of an entire country in one year called?
GDP (Gross Domestic Product)
What is economics?
Economics is the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs.
What are the 5 economic questions that need to be answered?
- What to produce? 2. How much to produce? 3. How to produce it? 4. For whom to produce it? 5. Who gets to make the decisions?
What is the difference between needs and wants?
Needs are essentials for survival, like food and water, while wants are desires that enhance quality of life but are not necessary for survival.
Explain Maslow's hierarchy of needs.
Maslow's hierarchy of needs is a pyramid representing different levels of needs and wants, from physiological necessities to self-actualization.
What is the difference between macroeconomics and microeconomics?
Macroeconomics focuses on the big picture, while microeconomics examines the smaller picture and individual economic decisions.
Learn about economics and its significance, covering areas like scarcity, macroeconomics, microeconomics, and the decision-making process at individual and group levels. Explore the fundamental economic questions of what to produce, how much to produce, how to produce, and for whom to produce.
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