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3.1.1.4 Scarcity and choice NOTES

Authored by James Hannaford

Social Studies

Professional Development

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3.1.1.4 Scarcity and choice NOTES
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental economic problem?

Lack of technological advancement

Scarcity due to limited resources and unlimited wants

Overproduction in industrial sectors

Inequality in wealth distribution

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Entrepreneurship

Technology

Labour

Capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'opportunity cost' refer to?

The price of raw materials

The cost of producing goods

The value of the next best alternative foregone

The total expenses in a business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which resource is described as being limited by population size and skill level?

Entrepreneurship

Capital

Labour

Land

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does specialization in the context of economics refer to?

Increasing the number of employees

Reducing costs of production

Focusing on a narrow range of goods or services

Diversifying products in a market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of economic goods?

They can be freely traded without cost

They are abundant and free

They have no opportunity cost

They are scarce and have utility

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a free market economy primarily rely on to allocate resources?

Community needs

Price mechanism

Government decisions

Central planning

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