Economics Study Guide Quiz

What is economics?

What is scarcity? Please give an example.

Differentiate between need and want.

What are the four factors of production? Be able to define each and give an example.

What is the paradox of value? Be able to give an example.

What is wealth? Be able to identify the four elements of it.

What does TINSTAAFL stand for?

What are three questions that all societies must decide?

What is GDP?

What are the four factors of production? Be able to give an example of each.