Scarcity and Choice (Leaving Cert Economics): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What creates scarcity in economics?
What creates scarcity in economics?
Unlimited wants & limited resources
Which are the four main economic resources (factors of production)?
Which are the four main economic resources (factors of production)?
Land, Labour, Capital, Enterprise
Which factor of production includes machinery, buildings, and equipment?
Which factor of production includes machinery, buildings, and equipment?
Capital
What role do individuals play in the economy?
What role do individuals play in the economy?
Workers & consumers
Which function does government perform in the economy?
Which function does government perform in the economy?
Providing public goods like roads
What is opportunity cost?
What is opportunity cost?
Value of next best alternative given up
A smartphone factory making phones cannot make laptops. What is the opportunity cost of phones?
A smartphone factory making phones cannot make laptops. What is the opportunity cost of phones?
Profit from laptop sales given up
Which is a key incentive for firms?
Which is a key incentive for firms?
Profit maximisation
What does microeconomics study?
What does microeconomics study?
Individual markets & specific units
Which example represents macroeconomics?
Which example represents macroeconomics?
National unemployment rates
What is a benefit of specialisation?
What is a benefit of specialisation?
Increases productivity & output
What risk does Ireland face from specialising in pharmaceutical and tech FDI?
What risk does Ireland face from specialising in pharmaceutical and tech FDI?
Over-reliance on multinationals
What is the second step in cost-benefit analysis?
What is the second step in cost-benefit analysis?
Assign monetary values to compare