Choice | Consumer | Economic Goods | Free Goods | Goods | Limited Means | Opportunity Cost | Scarcity | Service | The basic economic problem | The real cost of a decision | Wants | Why can individuals not have everything they want
Who has limited means?
Which of the following is an example of values affecting an individual's decision-making?
Jae has to choose one of four alternatives, T, X, Y or Z. He prefers X to Z and prefers Y more than X. For Jae, the opportunity cost of choosing T is:
Which statement below is the most correct?
Economics solves the basic problem of:
Which of the items mentioned in the list below are factors that determine the values that people may hold?
(i) fair trading
There would be no economic problems if:
Nick can work full time or go to university. Nick chooses work. The opportunity cost is:
Scarcity is described by which of the following statements?
(i) Scarcity exists in a decision to go out for a free lunch.
(ii) Scarcity exists if there are more uses for resources than can be satisfied at one particular point in time.
(iii) In traditional economic systems, where groups share resources, scarcity does not exist because people help each other.
Why do most goods and services have a price?
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