Basic Economic Principles

If a student chooses to take notes in class, which is considered a cost?

Financial wealth that maintains business explains which of the following

Work done by people explains which of the following

This type of good does not have the ability to produce goods beyond itself

The process of designing, launching, and running a business explains which of the following

Which of the following is NOT one of the four factors of production

benefits an individual misses out on when choosing one alternative over another best describes

How do consumers decide what to purchase?

The idea that each additional unit of a product is less valuable than the one before it is:

If a student chooses to take notes in class, which is considered an opportunity cost?

The concept that all things we need and want are limited, there is not enough for everyone.

There are 3 questions we must answer to solve scarcity. Which is NOT one

Profit is calculated by:

This type of good can be used to produce additional goods

Our class barbershop provides this type of good to people

Total cost for a business includes

An individual who starts a new business, introduces new products, improves techniques is an:

Choosing to spend time studying instead of playing video games can be described as

Natural resources used for firms explains which of the following