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Economic Science and Choice

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Questions and Answers

What is the fundamental concept in economics that explains human behavior in making choices?

The study of wants and needs

Scarcity

The science of choice (correct)

Opportunity Cost

What is the primary focus of the study of economics?

The distribution of income and wealth

The production of goods and services

The choices people make to satisfy their wants and needs (correct)

The creation of jobs and employment

What are the five fundamental questions that summarize all economic choices?

What? How? When? Where? Who? (correct)

What? Why? How? When? Where?

What? How? Where? When? Why?

Who? What? When? How? Why?

What is the underlying assumption behind the economic concept of scarcity?

That wants are unlimited, but resources are limited Signup and view all the answers

According to Parkin Economics, what is the definition of economics?

The science of choice, that explains how we cope with scarcity Signup and view all the answers

What is the main reason why people make economic choices?

To satisfy their wants and needs Signup and view all the answers

What is the goal of economics as a science?

To explain the choices we make Signup and view all the answers

What do the five big questions in economics relate to?

The production of goods and services Signup and view all the answers

What is the underlying assumption behind economics?

That resources are scarce Signup and view all the answers

What is the scope of economics?

It applies to all economic choices, individual and collective Signup and view all the answers

Study Notes

Significance of Economic Science

Economics is the study of choices people make to satisfy their wants and needs with limited resources.
Economics is the science of choice, explaining how people make decisions and adapt to scarcity.
The field of economics revolves around five fundamental questions:

The Five Big Economic Questions

What goods and services should be produced?
How should they be produced?
When should they be produced?
Where should they be produced?
Who should produce them?

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Description

Understand the significance of economic science and how it addresses the choices people make to satisfy their wants and needs with limited resources. Learn about the five big questions that summarize economic choices.