Opportunity cost is ?

Singular and applies to singular items

What is the central concept of economics according to the passage

How to satisfy unlimited wants using limited resources

What is a compromise according to the passage?

A situation where everyone gives up something

What influences consumers' choices according to the passage?

Limited means, tastes, preferences and values

What is the opportunity cost of a decision?

The value of the next best alternative foregone

What is the resolution for Jacob's conflict in the passage?

Finding a balance between gym and work time

Having limited means relative to unlimited wants

How may religion influence the values individuals hold?

It may influence values related to honesty and integrity

What is an example of a consumer's values affecting their behaviour?

Buying environmentally friendly products

studbud

Economics Basics

11 termsStudBud Administration

Scarcity, choice, opportunity cost

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
Which of the following is not listed as a limited means individuals have?
Unlimited access to resources
Time
Money
Skills or knowledge
2
Which of the following is not listed as a value individuals may hold?
Integrity
Maximising profits
Fair Trading
Consideration of others
3
Opportunity cost is ?
Singular and applies to singular items
Multiple and applies to singular items
Singular and applies to multiple items
Multiple and applies to multiple items
4
What is the central concept of economics according to the passage
How to satisfy limited wants using unlimited resources
How to satisfy unlimited wants using unimited resources
How to satisfy unlimited wants using limited resources
How to satisfy limited wants using limited resources
5
What is a compromise according to the passage?
A situation where no one give up everything
A situation where only one party gains something
A situation where only one party gives up something
A situation where everyone gives up something
6
What influences consumers' choices according to the passage?
Only price
Limited means, tastes, preferences and values
Only quality and features
Income and skill
7
What is the opportunity cost of a decision?
The total cost of all alternatives
The total value of all alternatives
The cost of the decision itself
The value of the next best alternative foregone
8
What is the resolution for Jacob's conflict in the passage?
Spending all his time at work
Spending all his time at the gym
Ignoring both gym and work time
Finding a balance between gym and work time
9
Scarcity refers to ?
Having unlimited means relative to limited wants
Having unlimited resources to fulfill unlimited wants
Having limited means relative to unlimited wants
Having unlimited time to fulfill limited wants
10
How may religion influence the values individuals hold?
It has no influence on values
It may influence values related to environmental consciousness
It may influence values related to honesty and integrity
It may influence values related to financial security
11
What is an example of a consumer's values affecting their behaviour?
Choosing the most expensive option
Buying environmentally friendly products
Buying products with no regard to quality
Choosing the cheapest option

Economics Basics Flashcards | StudBud