Practice Basic Economic Terms (1.3) - Introduction to Economics

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9 questions

Flashcard drill
3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What are the three main types of resources?
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Think about inputs used in production.
Question 2.
Define scarcity in your own words.
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Consider why choices must be made.
3Question 3.
What does the term 'scarcity' refer to?
- A. Unlimited resources
- B. Limited resources compared to wants
- C. Abundance of goods
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Think about the availability of chocolate!
4Question 4.
Opportunity cost is defined as:
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Consider what you missed out on when choosing to buy something.
Question 5.
Evaluate a decision made in your life where opportunity cost played a crucial role. What were your alternatives, and how did you choose?
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Think about the outcomes of your choices.
Question 6.
Propose a community project while considering scarcity. What resources would you use, and how would you address possible opportunity costs?
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Reflect on the benefits versus the resources available.

5 more questions in this section. Enroll free to practise them all.