Economics & Opportunity Review

What is the primary focus of economics?

• Maximizing profits

• Satisfying unlimited wants with limited resources

• Minimizing costs

• Increasing production

Which of the following is not one of the three basic economic questions?

• How to produce efficiently?

• What to produce?

• For whom to produce?

• Why produce?

Which economic utility refers to making a product available at the right place for consumers?

• Form Utility

• Place Utility

• Time Utility

• Possession Utility

Labor, land, capital, and entrepreneurship are the four factors of:

• Production

• Consumption

• Distribution

• Exchange

Opportunity cost is best described as:

• The total cost of production

• The cost of producing one additional unit of a good

• The value of the next best alternative foregone when a choice is made

• The cost of purchasing goods and services

What is the term used when supply and demand curves intersect?

• Shortage point

• Equilibrium point

• Surplus point

• Price ceiling point

Which of the following is not a source of business opportunity?

• Analyzing trends

• Problem-solving

• Identifying opportunity gaps

• Expanding the market

How can businesses use problem-solving as an opportunity source?

• By recognizing emerging trends

• By filling gaps in the market

• By addressing customer pain points and challenges

• By increasing government regulation

What is the main relationship between entrepreneurship and economic development?

• Entrepreneurship hinders economic development

• Entrepreneurship has no impact on economic development

• Entrepreneurship contributes to economic growth and development

• Economic development is unrelated to entrepreneurship

What differentiates a product idea/suggestion from a product solution?

• A product idea is always innovative, while a product solution may not be

• A product idea lacks planning, while a product solution includes detailed planning

• A product idea is based on market demand, while a product solution is not

• A product idea is a fully developed product, while a product solution is only a concept