Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
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?
Signup and view all the answers
What are wants?
What are wants?
Signup and view all the answers
What is a choice?
What is a choice?
Signup and view all the answers
What is scarcity?
What is scarcity?
Signup and view all the answers
What does the term 'land' refer to in economics?
What does the term 'land' refer to in economics?
Signup and view all the answers
What is 'labor' in economics?
What is 'labor' in economics?
Signup and view all the answers
What does the term 'capital' refer to in economics?
What does the term 'capital' refer to in economics?
Signup and view all the answers
Flashcards are hidden until you start studying
