Economics One-liner
The basic problem of economics is related to —
Scarcity
Resources used in the production of goods and services are collectively known as —
Factors of production
Marginal cost refers to —
Additional cost of producing one more unit
A perfectly competitive market features —
Large number of buyers and sellers
GDP stands for —
Gross Domestic Product
An increase in general price levels is termed —
Inflation
Monetary policy is mainly controlled by —
Central Bank
Opportunity cost is best described as —
Value of the next best alternative foregone
Supply curve usually slopes —
Upward
Consumption refers to —
Using goods and services to satisfy wants
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