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Economics Basics: Human Wants and Resource Management

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Economics Basics: Human Wants and Resource Management

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Questions and Answers

What are the two common aspects of human activities?

Earning a living and using earnings to satisfy wants

What is the primary motivation behind human economic activity?

To earn income to satisfy their unlimited wants

What are the things that directly satisfy human wants called?

Consumption goods

What gives rise to human efforts according to Prof. Seligman?

Human wants Signup and view all the answers

What is the characteristic of human wants?

Unlimited and insatiable Signup and view all the answers

What is the fundamental characteristic of economic goods that distinguishes them from other goods?

They are available only by paying a price and are scarce. Signup and view all the answers

What is the primary focus of the subject of distribution in economics?

The sharing of income from production by four factors of production namely, land, labour, capital and organization. Signup and view all the answers

What is the main objective of planning in economics, as mentioned in the text?

The systematic, efficient and full utilization of available limited resources for the maximum public welfare. Signup and view all the answers

How does the author of the text define the circle of economics?

Wants, efforts, satisfaction. Signup and view all the answers

What is the primary focus of the study of public finance in economics?

The financial operations of the governments and other public bodies. Signup and view all the answers