The law of scarcity

The central problem in economics is that of

An economy achieves "productive efficiency" when:

Which of the following clearly represents a movement toward greater productive efficiency?

Which one of the following alternatives illustrate a decrease in unemployment using the PPF?

An economy always manages to meet all the needs of the people living in the country.

In the context of an economy when we talk about 'scarcity', we refer to short supply of land.

Economic problem arises due to plenty of resources.

Because of destruction caused by war, a country's PPF will shift to the left.

A job guarantee scheme will lead to a rightward shift of PPF.

What is meant by economy?

What is economics?

Why does an economic problem arise?

State two features of resources that give rise to an economic problem?

Which type of science is economics?

Why does an economic problem arise?

Why do all economies have similar central problems?

State the central problems of an economy.

Define Production Possibility Curve and state its properties.

State any three assumptions on which a production possibilities curve is based.

Explain three factors that lead to an economic problem

Discuss the central problems of an economy