Economic Concepts
What analysis helps a business decide if an action is worth the cost?
What is a cost-benefit analysis?
What is an example of consumers waiting in long lines for a product?
What is scarcity?
What determines a nation's wealth?
What is the accumulation of all tangible and intangible resources?
What is the best explanation of opportunity cost?
What is the cost of choosing one alternative over another?
What does the range of production possibilities represent?
What is the production possibilities frontier?
What term refers to the efficient use of scarce resources?
What is productivity?
What movement promoted the rights of buyers?
What is consumerism?
What is the most comprehensive measure of a nation’s wealth?
What is gross domestic product?
What is the cost associated with starting a new business?
What is the initial cost of starting a new business?
What describes a fundamental problem in every society?
What is scarcity?
The study of economics involves explaining how people deal with scarcity. True or False?
What is True?
What rights do consumers have?
What are consumer rights?
What does economic growth signify?
What is an increase in gross domestic product?
What is the risk associated with producing a new item?
What is the cost of business failure?
What does measuring a country's output reflect?
What is economic health?
What describes the paradox of value?
What is the high value of a nonessential item and the low value of an essential item?
What is the responsibility of consumers?
What are consumer responsibilities?
What refers to the reliance on others to produce goods and services?
What is economic interdependence?
What type of cost involves a trade-off?
What is opportunity cost?
What refers to the point where all factors of production are bought and sold?
What is the market?
What does the production possibilities curve identify?
What are all possible combinations of goods and services an economy can produce?
What is a good example of a consumer good?
What is food?
What do capital goods represent?
What are manufactured goods used to produce other goods or services?
What economic concept involves analyzing alternatives?
What is opportunity cost?
What is the definition of quality of life?
What is the general well-being of individuals in a society?