The basic economic problem exists, societies need to confront __________ interrelated questions.
Two
Three
Four
None of these
A ___________ is known as planned economy.
Free market economy
Mixed economy
Command economy
The true cost of choices we have to make is known as ___________.
Marginal cost
Fixed cost
Opportunity cost
Resources are combined in the process of __________ to create goods and services.
Production
Consumption
Capital
In a _________, economic decisions on how resources are to be allocated are usually taken by millions of households and thousand of firms.
Market economy
Traditionally, economists have recognised ____________ types of economic system.
Five
A ______________ does not have a private sector as all resources are owned by the state.
The process through which individuals to use up goods and services to satisfy wants is known as ___________.
What are the factors of production ?
Land, labour and capital.
Land, labour and enterprise.
Land, labour, capital and enterprise.
Land, capital and enterprise.
_____________ help land and labour produce more units of output.
Capital goods
Producer goods
Consumer goods
