1 Marker Questions Why Choices Matter: The Basics of Economics
- What is scarcity?
- Why does scarcity arise?
- Are human wants limited or unlimited?
- Give one example of a limited resource.
- What do economists study?
- What is meant by choice in economics?
- Define opportunity cost.
- What is the central problem of an economy?
- Name any one economic system.
- What is a market economy?
- What is a planned economy?
- What is a mixed economy?
- Why must individuals make choices?
- How many hours does a student have in a day?
- Give one example of scarcity in daily life.
- Why is budgeting important for a family?
- What is water scarcity?
- Why can no country satisfy all human wants?
- What happens when resources are limited?
- Name two natural resources.
- What is meant by welfare economy?
- Why is time considered a scarce resource?
- What is meant by unlimited wants?
- Give one example of opportunity cost in student life.
- Why does a government need to prioritise spending?
- What is production decision?
- Which resource is limited for a farmer in the chapter example?
- What is meant by decision-making in economics?
- State one key learning about scarcity.
- Why is scarcity called a basic economic problem?
- What does a family sacrifice when income is spent on one item?
- Give one example of government spending mentioned in the chapter.
- What is the meaning of trade-off?
- Name one country mentioned that faces water scarcity.
- What does scarcity force businesses to do?
- Which type of economy combines private and government ownership?
- Why are resources called scarce?
- What is the relationship between wants and resources?
- What do consumers do when resources are limited?
- Why are choices important in economics?
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