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WorksheetsWeek 1 - Economic problem and PPF
Total questions: 10
Worksheet time: 11mins
What is opportunity cost?
The opportunity to do something good
All the costs of different alternatives
The cost of everything when you make a decision
The loss of other alternatives/benefits when you make a decision
What are the 4 factors of production?
Land, Labour, Capital, Enterprise
Land, Labour, Capital, Commerce
Land, Investment, Labour, Machinery
Land, work, Capital, Entrepreneurship
scarcity is the economic problem of having?
Limited needs and wants
Unlimited needs and wants
Too many resources
Limited wants
Relative scarcity is when?
Our wants are unlimited, but the resources to fulfill them are limited
Our needs are unlimited, but our wants are limited
We have too many resources and not enough wants
The scarcity of one resource compared to another
