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Economic Problem Flashcards | StudBud
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Economic Problem
Economic Problem
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Questions
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Answers
1
Economics is a struggle of meeting (1) with (2)
Demand/ Supply
Unlimited wants/ Limited means
Limited needs/ limited means
Limited wants/Limited Men
2
If price increases, people usually buy
Same Quantity
Less Quantity
More quantity
None of these
3
If somebody accepts it in exchange for something of value, money could be
All of these
Paper
Plastic
Metal
4
Farm, Sheep, Hay are examples of
Capital resource
Enterprise
Producer
Natural Resource
5
Human resources in production of Television would include
Factory owner
Engineer
Harvey Norman
Sky TV
6
Travelling by bus from one place to another is
Service
Comfort
Goods
Free trip
7
What is scarcity
Shortage
Wastage
None of these
More than required
8
When you choose one alternative, the second best option that is sacrificed is known as
Opportunity cost
Demand
Wants
Opportunity price
9
The means to achieve wants are
Time/Skill/Money
Producer/ consumer
Goods/Services
Unlimited
10
The resources that are man made are called
Capital
Enterprise
Human
Fancy