Question 1

Define the term scarcity.

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Question 2

Outline the three basic economic questions that all economies must answer.

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Question 3

Define the term opportunity cost.

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Question 4

Distinguish between a free good and an economic good.

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Question 5

Define the term economic good.

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Question 6

Define the term free good.

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Question 7

Outline the difference between a consumer good and a capital good.

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Question 8

Define the term price mechanism.

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Question 9

Scarcity in economics exists because:

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Question 10

A student has two hours of free time and can either study for an exam or play football. If the student chooses to study, the opportunity cost is:

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Question 11

A government decides to spend more on military equipment and less on education. This is an example of:

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Question 12

A free good is defined as a good that:

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Question 13

The three basic economic questions that every society must answer are:

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Question 14

Most real-world economies are best described as:

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Question 15

Outline the three basic economic questions that all economies must answer.

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Question 16

Scarcity in economics exists because:

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Question 17

Define the term scarcity.

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Question 18

A government decides to spend more on military equipment and less on education. This is an example of:

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Question 19

A student has two hours of free time and can either study for an exam or play football. If the student chooses to study, the opportunity cost is:

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Question 20

Define the term opportunity cost.

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Topic 1.1: What is Economics? Questions

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