Podcast
Questions and Answers
What is the fundamental problem that leads to the necessity of making choices in economics?
What is the fundamental problem that leads to the necessity of making choices in economics?
- Limited resources and unlimited wants (correct)
- Unlimited resources and limited wants
- Equal distribution of resources
- Abundance of resources and unlimited wants
Which type of incentive includes motivations like money, personal happiness, or success?
Which type of incentive includes motivations like money, personal happiness, or success?
- Success incentive
- Positive incentive (correct)
- Monetary incentive
- Negative incentive
What motivates people to avoid things like failure, poverty, embarrassment, or loss?
What motivates people to avoid things like failure, poverty, embarrassment, or loss?
- Loss incentives
- Failure incentives
- Negative incentives (correct)
- Avoidance incentives
What is the study of understanding human behavior by examining the ways people make decisions?
What is the study of understanding human behavior by examining the ways people make decisions?
Why do people and governments have to make choices about how to distribute and use their resources?
Why do people and governments have to make choices about how to distribute and use their resources?
What is the term for weighing the pros and cons of choices?
What is the term for weighing the pros and cons of choices?
What does opportunity cost refer to in economic decision making?
What does opportunity cost refer to in economic decision making?
Which concept involves focusing on one thing to practice and get better at it?
Which concept involves focusing on one thing to practice and get better at it?
What are the characteristics required for being a successful entrepreneur?
What are the characteristics required for being a successful entrepreneur?
Which term refers to the ability to do something using the fewest resources and least waste?
Which term refers to the ability to do something using the fewest resources and least waste?
