Basics of Economics Quiz Flashcards

1

What is the main focus of microeconomics?

2

In the context of economics, what is the definition of scarcity?

3

Which of the following is considered a factor of production?

4

Which of the following is NOT a factor of production (resource)

5

What is the main goal of economic systems?

6

Which of the following is an example of a want?

7

Which of the following is an example of a need?

8

What is the primary concern of macroeconomics?

Basics of Economics Quiz