ECONOMICS QUIZIZZ by Mr. Juma

When consumers make choices, they are limited by

• Time and money

• Resources

• Needs and wants

• Opportunity cost

Opportunity cost is the next best ______________ foregone

Write a short paragraph to explain the relationship between the scarcity, choice and opportunity cost

Scarcity is when there are not enough ______________ to satisfy our unlimited wants and needs

Tick the resources below which are examples of capital:

• Machinery

• Field

• Screwdriver

• Lawyer

• Manager

Tick the resources below which are examples of natural resources:

• Machinery

• Field

• Screwdriver

• Lawyer

• Manager

Tick the resources below which are examples of enterprise:

• Machinery

• Field

• Screwdriver

• Lawyer

• Manager

________________________-intensive production is when machinery is the most important resource used in the production process

total cost/ quantity = ?

• marginal cost

• average cost

• implicit cost

• total fixed cost

Is economics only about money?

• Yes, it is only about money

• No, it is not just about money

• Yes, it is about making profits

• No, it is about spending money