All Economic Questions Arise Because We

question 184

Multiple Choice

All economic questions arise because we

• A) want more than we can get.
• B) want more than we need.
• C) have an abundance of resources.
• D) have limited wants that need to be satisfied.

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Definitions:

Opportunity Cost

The loss of potential gain from other alternatives when one option is chosen.

Studying Economics

The academic examination of how societies use resources to produce goods and provide services, including the analysis of production, consumption, and distribution.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, essentially what is forfeited when a particular course of action is selected over others.

Attending College

The act of enrolling in and going to a collegiate institution for higher education, often pursued to gain skills, knowledge, and qualifications for future employment.