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Questions and Answers
The question 'Should we produce LCD televisions or computer monitors?' is an example of a ________ question.
The question 'Should we produce LCD televisions or computer monitors?' is an example of a ________ question.
what
When Ferrari decides to produce 1,200 360 Modenas each year, Ferrari is answering the ________ question.
When Ferrari decides to produce 1,200 360 Modenas each year, Ferrari is answering the ________ question.
what
Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of ________.
Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of ________.
how
When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand, it is answering the ________ question.
When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand, it is answering the ________ question.
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The question 'Should we produce houses using bricks or wood?' is an example of a ________ question.
The question 'Should we produce houses using bricks or wood?' is an example of a ________ question.
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The question 'Should economics majors or sociology majors earn more after they graduate?' is an example of a ________ question.
The question 'Should economics majors or sociology majors earn more after they graduate?' is an example of a ________ question.
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If a decision is made and it is the best choice for society, the decision is said to be ________.
If a decision is made and it is the best choice for society, the decision is said to be ________.
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Scarcity exists because
Scarcity exists because
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Scarcity
Scarcity
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Scarcity requires that we
Scarcity requires that we
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Scarcity means that
Scarcity means that
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
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Which of the following statements best describes the study of economics? Economics studies how
Which of the following statements best describes the study of economics? Economics studies how
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Scarcity forces people to
Scarcity forces people to
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Scarcity means we must
Scarcity means we must
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What is the reason that all economic issues and problems occur?
What is the reason that all economic issues and problems occur?
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The study of economics is best described as a study of
The study of economics is best described as a study of
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Which of the following best defines economics?
Which of the following best defines economics?
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Economics is the social science that studies
Economics is the social science that studies
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Economics is best defined as the social science that studies
Economics is best defined as the social science that studies
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Microeconomics includes the study of the
Microeconomics includes the study of the
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The primary focus of microeconomics is
The primary focus of microeconomics is
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Which of the following is a microeconomic issue?
Which of the following is a microeconomic issue?
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Which of the following is a microeconomic issue?
Which of the following is a microeconomic issue?
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Which of the following is a microeconomic topic?
Which of the following is a microeconomic topic?
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Macroeconomics is the study of
Macroeconomics is the study of
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Which of the following BEST describes macroeconomics?
Which of the following BEST describes macroeconomics?
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Which of the following is a topic studied in macroeconomics?
Which of the following is a topic studied in macroeconomics?
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Which of the following is a macroeconomic topic?
Which of the following is a macroeconomic topic?
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Which of the following is a macroeconomic issue?
Which of the following is a macroeconomic issue?
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Which of the following is a macroeconomic topic?
Which of the following is a macroeconomic topic?
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When you make the decision to spend your time attending class, which economic question are you answering?
When you make the decision to spend your time attending class, which economic question are you answering?
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Of the three major economic questions, which of the following is the best example of a 'What?' question?
Of the three major economic questions, which of the following is the best example of a 'What?' question?
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When Ford decides to increase production of hybrid cars, it directly answers the ________ question.
When Ford decides to increase production of hybrid cars, it directly answers the ________ question.
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When Delta decides to quit flying to Lithuania, it directly answers the ________ question.
When Delta decides to quit flying to Lithuania, it directly answers the ________ question.
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The question of 'What goods and services get produced?' most closely relates to which of the following issues?
The question of 'What goods and services get produced?' most closely relates to which of the following issues?
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When a home builder decides to computerize all of its production schedules, it directly answers the ________ question.
When a home builder decides to computerize all of its production schedules, it directly answers the ________ question.
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When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.
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When the power company decides to use manpower to bury its lines, it directly answers the ________ question.
When the power company decides to use manpower to bury its lines, it directly answers the ________ question.
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The question of 'How are goods and services produced?' most closely addresses which of the following issues?
The question of 'How are goods and services produced?' most closely addresses which of the following issues?
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Of the three major economic questions, which of the following is the best example of a 'How?' question?
Of the three major economic questions, which of the following is the best example of a 'How?' question?
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Which economic question depends on the incomes that people earn and the prices they pay for goods and services?
Which economic question depends on the incomes that people earn and the prices they pay for goods and services?
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When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
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When a third string NFL quarterback earns more than a police officer, society answers the ________ question.
When a third string NFL quarterback earns more than a police officer, society answers the ________ question.
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When unskilled teens earn less than college graduates, society answers the ________ question.
When unskilled teens earn less than college graduates, society answers the ________ question.
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Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care. Based on this observation, Canada has decided that 'everyone, regardless of their ability to pay' is the answer to what microeconomic question?
Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care. Based on this observation, Canada has decided that 'everyone, regardless of their ability to pay' is the answer to what microeconomic question?
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Choices that are best for the individuals that make them are choices in pursuit of
Choices that are best for the individuals that make them are choices in pursuit of
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Self-interest
Self-interest
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Choices that are best for the society as a whole are choices in pursuit of
Choices that are best for the society as a whole are choices in pursuit of
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The characteristic from which all economic problems arise is
The characteristic from which all economic problems arise is
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All economic questions and problems arise from
All economic questions and problems arise from
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Scarcity results from the fact that
Scarcity results from the fact that
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To economists, scarcity means that
To economists, scarcity means that
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Which of the following statements is true regarding scarcity?
Which of the following statements is true regarding scarcity?
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People must make choices because
People must make choices because
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Which of the following is a microeconomic issue?
Which of the following is a microeconomic issue?
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Microeconomics includes the study of
Microeconomics includes the study of
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Study Notes
Scarcity and Economics
- Scarcity arises when human wants exceed the available resources, necessitating choice.
- Economic issues originate from the vastness of human wants contrasted against limited resources.
- Scarcity applies universally, affecting both rich and poor individuals.
Fundamental Economic Questions
- Three major economic questions are "What to produce?", "How to produce?", and "For whom to produce?".
- Choices made in addressing these questions help manage scarcity within societies.
- The determination of production methods reflects microeconomic decision-making.
Microeconomics vs. Macroeconomics
- Microeconomics studies individual and business choices, focusing on specific market activity.
- Macroeconomics examines national and global economies, analyzing overall economic trends and governmental policies.
- Microeconomic topics include decisions made by companies and individual consumer behavior.
- Macroeconomic issues encompass broader themes like national growth, employment rates, and government spending.
Concepts of Self-Interest and Social Interest
- Self-interest drives individual choices that maximize personal benefits.
- In contrast, social interest concerns the welfare of society as a whole.
- Effective decision-making balances self-interest with the overall benefits to society.
Choices and Opportunity Cost
- Every economic choice involves opportunity cost, reflecting the next best alternative sacrificed.
- Decisions regarding production involve trade-offs between different goods and services.
Dynamics of Resource Allocation
- The allocation of resources determines how effectively a society can meet its needs.
- Economic efficiency is achieved by producing goods in a manner that minimizes waste.
Implications of Scarcity
- Scarcity necessitates priorities, influencing social and governmental policies.
- Choices reflecting society's values often dictate the distribution of goods and services.
Key Takeaways
- Economics studies how individuals and societies manage limited resources to address their unlimited wants.
- Decision-making processes in economic contexts have far-reaching implications for both individuals and communities.
- Understanding the balance between self-interest and social interest is foundational in addressing economic challenges.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the basic concepts of scarcity from Economics Chapter 1. These flashcards will help reinforce your understanding of how human wants exceed the resources available. Challenge yourself with key definitions and explanations.
