What is the basic economic problem?

Resources are scarce but wants are unlimited, so choices must be made

Which list correctly names the four factors of production?

Land, labour, capital and enterprise

the value of the next best alternative given up

Signalling, incentive and rationing

the rising price tells producers the good is more wanted

the opportunity cost of the hospital

Capital means man-made goods used to produce other goods

12questions. Pick an answer and you'll see why right away.

What is the basic economic problem?
Which list correctly names the four factors of production?
The reward earned by the factor of production enterprise is:
Opportunity cost is best defined as:
Which of the following is a need rather than a want?
Which industry belongs to the primary sector of production?
Turning raw materials into finished goods takes place in which sector?
Which three functions does the price mechanism perform to allocate resources?
When demand for a good rises, the signalling function of price means that:
In the circular flow of income, households receive which of the following from firms?
A government with a fixed budget chooses to fund a new hospital instead of a new school. The school is:
Which statement about capital as a factor of production is correct?