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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?
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 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?
What do producers provide?
- Unlimited wants
- Basic needs
- Goods and services (correct)
- Scarce resources
What are needs?
What are needs?
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What are wants?
What are wants?
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What is a choice?
What is a choice?
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What is scarcity?
What is scarcity?
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What does the term 'land' refer to in economics?
What does the term 'land' refer to in economics?
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What is 'labor' in economics?
What is 'labor' in economics?
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What does the term 'capital' refer to in economics?
What does the term 'capital' refer to in economics?
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