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
Any decision will have an opportunity cost:
Which of the following statements is the most correct?
What is the fundamental issue for an economy?
After a choice is made a consumer should:
Goods used by a household for immediate satisfaction are termed:
Which of the following is an example of values affecting an individual's decision-making?
The fact that phone companies have different payment plans and options that are offered at the same time illustrates which one of the following statements?
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.
Time, money and skill are all means. Which of these means is limited?
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:
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