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Economics Essentials Quiz

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Questions and Answers

Which social science studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants?

Economics (correct)

Psychology

Sociology

Anthropology

When do we become a consumer?

When we have unlimited wants

When we produce goods and services

When we decide to purchase a good or service (correct)

When we allocate scarce resources

What do producers provide?

Unlimited wants

Basic needs

Goods and services (correct)

Scarce resources

What are needs?

Limited and required to survive Signup and view all the answers

What are wants?

Unlimited and not required to survive Signup and view all the answers

What is a choice?

The force that guides resource allocation Signup and view all the answers

What is scarcity?

The limited supply of resources Signup and view all the answers

What does the term 'land' refer to in economics?

All natural resources used to produce goods and services Signup and view all the answers

What is 'labor' in economics?

The effort people devote to tasks for which they are paid Signup and view all the answers

What does the term 'capital' refer to in economics?

Human-made resources used to produce other goods and services Signup and view all the answers

Economics Essentials Quiz

Choose a study mode

Podcast

Questions and Answers

Which social science studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants?

When do we become a consumer?

What do producers provide?

What are needs?

What are wants?

What is a choice?

What is scarcity?

What does the term 'land' refer to in economics?

What is 'labor' in economics?

What does the term 'capital' refer to in economics?

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