5 Questions
What is the basic economic problem?
The basic economic problem is that the world has finite resources but humans have infinite wants.
What is the purpose of an economy?
The purpose of an economy is to allocate resources and provide solutions to the basic economic problem.
How does the economy impact our lives?
The economy has the power to make decisions that affect the way we live, work, and make choices.
Are the rules of the economy the same worldwide?
No, the rules of the economy differ depending on the country and economy you are part of.
Which three places are mentioned as examples of different economies?
North Korea, Singapore, and the United Kingdom.
Test your knowledge on the basic concepts of economics and understand how it helps solve the fundamental problem of scarcity. Explore the definition of an economy and its role in allocating finite resources to satisfy infinite human wants.
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