Which of the Following Refers to What You Own

question 20

Multiple Choice

Which of the following refers to what you own?

• A) Assets.
• B) Liabilities.
• C) Net worth.
• D) Principal.

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Definitions:

Opportunities

Circumstances that make it possible to do something, often leading to new ventures or investments in economics.

Scarcity

The limits placed on the amounts and types of goods and services available for consumption as the result of there being only limited economic resources from which to produce output; the fundamental economic constraint that creates opportunity costs and that necessitates the use of marginal analysis (cost-benefit analysis) to make optimal choices.

Opportunity Costs

Missing out on potential gains from various alternatives once a particular option is picked.

Economics Quiz

A set of questions designed to test knowledge and understanding of economic principles and theories.