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iGCSE Economics - 1.1.1 The economic problem

Quiz by B

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10 questions
Show answers
  • Q1
    allocation of a nation's scarce resources between competing uses that represent infinite wants.
    basic economic problem
    30s
  • Q2
    deciding between alternative uses of scarce resources.
    choice
    30s
  • Q3
    basic requirements for human survival
    needs
    30s
  • Q4
    when choosing between different alternatives it is the benefit lost from the next best alternative.
    opportunity cost
    30s
  • Q5
    a line which shows the different combinations of two goods an economy can produce if all resources are used up.
    production possibility curve
    30s
  • Q6
    the amount of resources available is limited.
    scarce resources
    30s
  • Q7
    peoples' desires for goods and services.
    wants
    30s
  • Q8
    What does 'g' represent?
    a focus on consumer goods
    a focus on capital goods
    production beyond possibility.
    opportunity cost
    30s
  • Q9
    What does 'i' represent?
    a focus on capital goods
    inefficient production
    a focus on consumer goods
    production beyond possibilty
    30s
  • Q10
    What does 'a' represent?
    a focus on capital goods
    opportunity cost
    a focus on consumer goods
    production beyond the frontier
    30s

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