Introduction to Economics Questions with Detailed Verified Answers

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Introduction to Economics Questions
with Detailed Verified Answers

Question: scarcity
Answer: Limited resources and unlimited wants


Question:How do we deal with scarcity?
Answer: make choices


Question:Opportunity cost
Answer: What you give up when you make a choice


Question:Scarcity
Answer:


Question:opportunity cost
Answer:


Question:Land resource
Answer:


Question:capital resource
Answer:


Question:Labor resource

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Answer:


Question:Entrepreneur
Answer:


Question:Rent
Answer: Land


Question:Profits
Answer: Entrepreneur


Question:Wages
Answer: Labor


Question:Interest
Answer: capital


Question:Production Possibility Curve
Answer: All possible combination of the maximum amounts of two goods that
can be produced by an economy, given fixed and unchanging resources and
technology.


Question:Why do economists use Production Possibility curves?
Answer: To see the opportunity cost


Question:If the point is on the curve?
Answer: Utilizing all the resources