Basic Economics Short Questions And Answers 2026-Grade A+
Economics - answer. Examines how individuals, institutions, or a society make decisions
under conditions of scarcity.
Goods - answer. Tangible
Services - answer. Intangible
Scarcity - answer. The situation in which unlimited wants exceed the limited resources
available to fulfill those wants.
What does scarcity do? - answer. Restricts options and demands choices.
Three basic economic questions - answer.
-what will be produced?
-how will it be produced?
-for whom?
Utility - answer. The pleasure, happiness or satisfaction obtained from consuming a
good/service.
Opportunity cost - answer. Next best alternative forgone when a economic decision is
made.
Rational decision making - answer. Process of making pro/con list.
Land - answer. Everything that grows in/on earth.
Economics - answer. Examines how individuals, institutions, or a society make decisions
under conditions of scarcity.
Goods - answer. Tangible
Services - answer. Intangible
Scarcity - answer. The situation in which unlimited wants exceed the limited resources
available to fulfill those wants.
What does scarcity do? - answer. Restricts options and demands choices.
Three basic economic questions - answer.
-what will be produced?
-how will it be produced?
-for whom?
Utility - answer. The pleasure, happiness or satisfaction obtained from consuming a
good/service.
Opportunity cost - answer. Next best alternative forgone when a economic decision is
made.
Rational decision making - answer. Process of making pro/con list.
Land - answer. Everything that grows in/on earth.
