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Questions and Answers
What is the cost of the next best alternative called?
What is the cost of the next best alternative called?
Opportunity cost
What are the 4 factors of production?
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?
What is the reward for land in the factors of production?
Rent
What is the economic term for dividing up production to achieve efficiency?
What is the economic term for dividing up production to achieve efficiency?
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What is the measure of the production of an entire country in one year called?
What is the measure of the production of an entire country in one year called?
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What is economics?
What is economics?
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What are the 5 economic questions that need to be answered?
What are the 5 economic questions that need to be answered?
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What is the difference between needs and wants?
What is the difference between needs and wants?
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Explain Maslow's hierarchy of needs.
Explain Maslow's hierarchy of needs.
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What is the difference between macroeconomics and microeconomics?
What is the difference between macroeconomics and microeconomics?
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