Economic Decision Making Quiz
10 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does the word 'economy' originate from?

  • Arabic word “iktisad” meaning 'frugality'
  • French word “économie” meaning 'financial system'
  • Greek word “oikonomos” meaning 'one who manages a household' (correct)
  • Latin word “economia” meaning 'management of resources'

    • What represents the level of economic activity in a society?

  • The distribution of wealth
  • The amount of buying and selling (correct)
  • The number of businesses
  • The size of the government

    • What is the tension in an economy according to the text?

  • Unlimited desires and resources
  • Limited desires for goods and unlimited resources
  • Unlimited desires for goods and limited resources (correct)
  • Equal desires for goods and resources

    • What are some examples of scarce resources mentioned in the text?

    <p>Land, oil, labor, physical capital, human capital</p> Signup and view all the answers

    How is the economy compared to households in the text?

    <p>Like big households where decisions need to be made</p> Signup and view all the answers

    What is the meaning of 'economy' based on its Greek origin?

    <p>One who manages a household</p> Signup and view all the answers

    In the context of the text, what does the term 'scarce resources' refer to?

    <p>Limited land, labor, and capital</p> Signup and view all the answers

    What represents the level of economic activity in a society according to the text?

    <p>The amount of buying and selling</p> Signup and view all the answers

    What is the tension in an economy according to the text?

    <p>Unlimited desires for goods and limited resources</p> Signup and view all the answers

    How are economies compared to households in the text?

    <p>Both require decision-making about resource allocation</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser