10 Questions
What does the word 'economy' originate from?
Greek word “oikonomos” meaning 'one who manages a household'
What represents the level of economic activity in a society?
The amount of buying and selling
What is the tension in an economy according to the text?
Unlimited desires for goods and limited resources
What are some examples of scarce resources mentioned in the text?
Land, oil, labor, physical capital, human capital
How is the economy compared to households in the text?
Like big households where decisions need to be made
What is the meaning of 'economy' based on its Greek origin?
One who manages a household
In the context of the text, what does the term 'scarce resources' refer to?
Limited land, labor, and capital
What represents the level of economic activity in a society according to the text?
The amount of buying and selling
What is the tension in an economy according to the text?
Unlimited desires for goods and limited resources
How are economies compared to households in the text?
Both require decision-making about resource allocation
Test your knowledge of economic decision making with this quiz! Explore how societies manage resources and allocate roles, similar to how households make decisions about chores and activities. Understand the concepts of resource allocation and decision-making processes within economies.
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