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Add to cartWhat is scarcity?
Scarcity refers to the limited availability of resources in relation to unlimited wants and needs.
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Define opportunity cost.
Opportunity cost is the value of the next best alternative foregone when making a choice.
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What is the law of demand?
The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and vice versa, assuming all other factors remain constant.
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Explain the law of supply.
The law of supply states that as the price of a good or service increases, the quantity supplied also increases, assuming all other factors remain constant.
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What is equilibrium?
Equilibrium is the state in which the quantity demanded equals the quantity supplied, resulting in a stable market price.
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Define elasticity of demand.
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
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What is inflation?
Inflation is the sustained increase in the general price level of goods and services in an economy over time.
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Explain the concept of GDP.
GDP (Gross Domestic Product) is the total value of all final goods and services produced within a countrys borders in a specific time period.
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Create quizThis set of practice questions covers various basic economic principles, terms, and concepts. Test your knowledge and understanding of key economic concepts with these 32 questions and answers.