Economics is best defined as the study of how people:

Which of the following is an example of scarcity?

Economics is considered a social science because it:

Which basic economic question asks "What goods and services should be produced?"

Opportunity cost refers to:

Which of the following is a factor of production?

Applied economics primarily focuses on:

A student chooses to spend ₱100 on transportation instead of snacks. The sacrificed snacks represent:

Applied economics can help address unemployment by:

Which situation shows the application of economics?

The primary goal of economic decision-making is to:

A local government uses economic data to improve transportation services. This demonstrates:

Which tool helps economists analyze problems?

A business owner studies customer preferences before launching a product. This is an example of:

Economists use cost-benefit analysis to:

Which decision best demonstrates economic reasoning?

Demand refers to:

According to the law of demand, when price increases:

Supply refers to:

According to the law of supply, when price rises:

Equilibrium occurs when:

A shortage happens when:

An increase in consumers' income will likely increase demand for:

Which factor can shift the supply curve?

If demand increases while supply remains unchanged:

Which best illustrates market equilibrium?

Price serves as a:

High prices generally encourage producers to:

Consumers often respond to rising prices by:

Price ceilings are imposed to:

A farmer decides what crop to plant based on market prices. This shows:

Which is a likely effect of a price increase on a scarce product?

Market prices help allocate:

An entrepreneur monitors price trends primarily to:

Perfect competition is characterized by:

A monopoly exists when:

Which market structure includes a few large sellers?

Product differentiation is common in:

Which market structure has the greatest pricing power?

In a perfectly competitive market, products are:

A major barrier to entry is:

Fast-food chains offering slightly different products are examples of:

Inflation directly affects entrepreneurs by:

Digitalization benefits businesses through:

Which economic issue became significant after global disruptions?

Rising fuel prices affect businesses because:

Which strategy helps entrepreneurs adapt to economic challenges?

E-commerce refers to:

Small businesses can better survive economic uncertainty by:

Why should entrepreneurs analyze current economic issues?