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Questions and Answers
What is the definition of economics?
What is the definition of economics?
- The study of choices that individuals, businesses, and societies make as they cope with scarcity and incentives (correct)
- The study of maximizing profits in a business
- The study of how to satisfy all wants and needs
- The study of unlimited resources and their allocation
What is scarcity?
What is scarcity?
- The equal distribution of resources
- The inability to satisfy all wants and needs (correct)
- The unlimited availability of goods and services
- The abundance of resources
What are incentives in economics?
What are incentives in economics?
- Guaranteed outcomes of all choices made
- Unpredictable factors that influence choices
- Rewards that encourage an action or penalties that discourage an action (correct)
- Irrelevant factors in decision-making
What is the main focus of microeconomics?
What is the main focus of microeconomics?
What does macroeconomics primarily study?
What does macroeconomics primarily study?
An example of a microeconomic question.
An example of a microeconomic question.
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ______ and the incentives that influence and reconcile those choices.
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ______ and the incentives that influence and reconcile those choices.
The choices we make depend on the ______ we face.
The choices we make depend on the ______ we face.
Economics divides in two main parts: ______
Economics divides in two main parts: ______
Microeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of ______.
Microeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of ______.
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