Basic Economic Concepts
Scarcity, choice, opportunity cost and factors of production at speed. The economics warm-up.
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Economics is mainly the study of:
- Only government budgets
- How scarce resources are allocated to satisfy wants
- How banks print money
- How to get rich quickly
Scarcity means that:
- Resources are limited relative to human wants
- Everyone has everything they need
- Resources are unlimited
- Prices are always low
Opportunity cost is:
- The total cost of all alternatives
- The money price of a good
- A free good
- The next best alternative given up when a choice is made
A scale of preference is:
- A tax table
- A price list
- A list of wants arranged in order of importance
- A weighing scale
Which are the four factors of production?
- Money, banks, shares and bonds
- Food, water, shelter and clothing
- Land, labour, capital and entrepreneurship
- Imports, exports, taxes and savings
What is the reward for land?
- Interest
- Wages
- Rent
- Profit
What is the reward for labour?
- Wages
- Interest
- Rent
- Profit
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