What Is Economics About? (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is the fundamental economic problem that every society faces?
What is the fundamental economic problem that every society faces?
Unlimited wants but limited resources
What term describes the satisfaction gained from consuming goods and services?
What term describes the satisfaction gained from consuming goods and services?
Utility
How does income level affect individual wants satisfaction?
How does income level affect individual wants satisfaction?
Lower income means fewer wants satisfied
Who typically provides collective wants such as hospitals, schools and police?
Who typically provides collective wants such as hospitals, schools and police?
Government
Which example illustrates recurrent wants?
Which example illustrates recurrent wants?
Food must be purchased repeatedly
What is a complementary want?
What is a complementary want?
Want that follows from satisfying another
What does 'How to produce?' refer to in key economic issues?
What does 'How to produce?' refer to in key economic issues?
Finding most efficient production method
What is opportunity cost?
What is opportunity cost?
Next-best alternative foregone
How are collective wants funded by government?
How are collective wants funded by government?
Through taxation revenue
If government builds submarines, what is the opportunity cost?
If government builds submarines, what is the opportunity cost?
Alternative infrastructure foregone