StudyWithSmile — free flashcards, quizzes and exam practice for school students
Building Blocks in Economics: The Problem of Choice
Social Science (2026-27) · CBSE Class 9 · English Medium · 19 questions and answers
Sample questions
- Q: What is economics?
- A: Economics is the study of how people and societies use their limited resources to satisfy their unlimited wants.
- Q: What is the difference between a need and a want?
- A: A need is essential for survival (like food, water, shelter), while a want is something desired that makes life more comfortable but is not essential.
- Q: What is scarcity?
- A: Scarcity means resources are limited and cannot satisfy all human wants at the same time.
- Q: Why does scarcity lead to choice?
- A: Because resources are limited but wants are unlimited, people must choose how to use their resources — they cannot have everything.
- Q: What is opportunity cost?
- A: Opportunity cost is the value of the next best alternative that is given up when a choice is made.
Sign in free to study all 19 questions with flashcards, quizzes and spaced revision.