econ

What is opportunity cost

• The cost of an opportunity
• The cost of a choice
• The cost of a decision
• The value of the next best alternative that is forgone when a choice is made.

What is limited resources

• Unlimited resources to meet demand or needs.
• Adequate resources to meet demand or needs.
• Insufficient resources to meet demand or needs.
• Excessive resources to meet demand or needs.

What is unlimited wants

• Unlimited supply of resources
• Limited human desires and needs
• Satisfied human desires and needs
• Insatiable human desires and needs

what is scarcity

• Unlimited availability of resources.
• Equal distribution of resources.
• Abundance of resources.
• Limited availability of resources

What is choice

• The act of refusing or rejecting an option
• The act of selecting or making a decision between two or more options.
• The act of choosing a single option
• The act of delaying or postponing a decision

What is Allocation

• The process of distributing resources or assigning tasks to different individuals or groups.
• The process of combining resources to form a single entity.
• The act of reallocating resources to different individuals or groups.
• The act of reserving resources for future use.

What are the four factors of production

• land, labor, capital, and entrepreneurship
• knowledge, infrastructure, workforce, and investment
• machinery, materials, skills, and creativity
• technology, resources, management, and innovation

What is economics

• The study of how individuals, businesses, and governments allocate resources to satisfy unlimited wants and needs.
• The study of how individuals, businesses, and governments allocate resources to satisfy limited wants and desires.
• The study of how individuals, businesses, and governments allocate resources to satisfy limited wants and needs.
• The study of how individuals, businesses, and governments allocate resources to satisfy unlimited wants and desires.