Resource Scarcity, Choice, and Allocation (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the fundamental economic problem?
What is the fundamental economic problem?
How to allocate scarce resources
Why does scarcity exist in economics?
Why does scarcity exist in economics?
Unlimited wants but limited resources
What does a budget constraint represent?
What does a budget constraint represent?
Combinations one can afford with income
What is opportunity cost?
What is opportunity cost?
Value of next best alternative forgone
What does rational behaviour mean in economics?
What does rational behaviour mean in economics?
Making best decision with info at time
Why does time have an opportunity cost?
Why does time have an opportunity cost?
Time spent one way can't be spent another
What is the opportunity cost of attending university?
What is the opportunity cost of attending university?
Wages forgone during years of study
A firm produces 3 TV sets, giving up 24 radios. For 4 TVs, it gives up 20 radios. What's the cost?
A firm produces 3 TV sets, giving up 24 radios. For 4 TVs, it gives up 20 radios. What's the cost?
4 radios
Why does opportunity cost increase as more of one good is produced?
Why does opportunity cost increase as more of one good is produced?
Resources not perfectly adaptable
How do economists view 'cost' differently from money price?
How do economists view 'cost' differently from money price?
Cost is value of what's sacrificed