The Problem of Scarcity (Grade 10 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the three key elements of the fundamental economic challenge?
What are the three key elements of the fundamental economic challenge?
Scarcity, making choices, opportunity cost
What is absolute scarcity?
What is absolute scarcity?
Not enough resources to buy a good
Which situation best describes relative scarcity?
Which situation best describes relative scarcity?
Goods exist but people lack income
Which of these is a free good?
Which of these is a free good?
Sunlight
What is opportunity cost?
What is opportunity cost?
Value of next best alternative given up
If you study instead of watching TV, what is your opportunity cost?
If you study instead of watching TV, what is your opportunity cost?
Watching your favourite TV programme
If a company buys computers, what might be their opportunity cost?
If a company buys computers, what might be their opportunity cost?
Purchasing a new delivery van
If government spends more on unemployment benefits, what is the opportunity cost?
If government spends more on unemployment benefits, what is the opportunity cost?
Building new roads
With R100, if you buy 3 burgers at R25 each, how many R25 magazines can you afford?
With R100, if you buy 3 burgers at R25 each, how many R25 magazines can you afford?
1
Why do economic goods cost money?
Why do economic goods cost money?
They use scarce resources to produce