The economics problem (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
11 questions from this quiz
ShowHide
Practise the questions
11 questions from this quiz
What defines an economic good?
What defines an economic good?
Has opportunity cost and scarcity
What is the opportunity cost of a free good?
What is the opportunity cost of a free good?
Zero
Which type of statement is objective and factual?
Which type of statement is objective and factual?
Positive statement
What characterises a normative statement?
What characterises a normative statement?
Subjective, value-based judgement
What is scarcity?
What is scarcity?
Limited resources vs unlimited wants
What does the basic economic problem require?
What does the basic economic problem require?
Choices on resource allocation
What is opportunity cost?
What is opportunity cost?
Next best alternative foregone
How many categories of resources are there?
How many categories of resources are there?
Four
What is the reward for capital as a factor of production?
What is the reward for capital as a factor of production?
Interest
What reward does land receive as a factor of production?
What reward does land receive as a factor of production?
Rent
What do choices about production involve?
What do choices about production involve?
Trade-offs