My Second Twenty Questions

Wednesday, March 01, 2006

Grade: 08           
Due on: 


Answer the following 20 Questions.

1.    Why do you face the problem of scarcity?
2.    What are the three questions of allocation?
3.    What is meant by choice?
4.    What is meant by opportunity cost?
5.    Give one example of opportunity cost on your own?
6.    What is production possibility curve?
7.    Give three other names for production possibility curve?
8.    Name two ways to shift production possibility curve to right?
9.    What are goods?
10. What are services?
11. Name the two main types of goods?
12. What are free goods? Give two examples.
13. What are economic goods? Give two examples.
14. Name the two types of economic goods?
15. What are consumer goods? Give two examples.
16. What are capital goods? Give two examples.
17. What is meant by wealth?
18. Name the three types of wealth?
19. What is income?
20. What are the four sources of income?
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