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Questions and Answers
What are scarce resources in economics?
What are scarce resources in economics?
- Unlimited economic factors
- Limited economic factors (correct)
- Unlimited human needs
- Limited human needs
Which of the following best describes the objective of economics?
Which of the following best describes the objective of economics?
- To analyze social science branches
- To maximize human needs
- To study the efficient allocation of scarce resources (correct)
- To attain maximum fulfillment of human needs
What does efficient allocation of scarce resources mean in economics?
What does efficient allocation of scarce resources mean in economics?
- Allocating resources without considering efficiency
- Allocating resources without considering scarcity
- Allocating resources in a way that maximizes fulfillment of human needs (correct)
- Allocating resources to maximize human needs
What does economics study about human needs?
What does economics study about human needs?
True or false: Economics is a branch of natural science.
True or false: Economics is a branch of natural science.
True or false: Scarce resources are unlimited in economics.
True or false: Scarce resources are unlimited in economics.
True or false: The objective of economics is to satisfy unlimited human needs.
True or false: The objective of economics is to satisfy unlimited human needs.
True or false: Efficient allocation of scarce resources in economics means allocating them in a way that maximizes human needs fulfillment.
True or false: Efficient allocation of scarce resources in economics means allocating them in a way that maximizes human needs fulfillment.
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Study Notes
Definition of Economics
- Economics is a social science focused on resource allocation.
- It addresses how to efficiently use scarce resources to fulfill human needs.
Scarce Resources
- Scarce resources are limited in supply yet essential for production.
- These resources include both economic resources and factors of production.
Key Concepts in Economics
- Study of scarce resources is central to economic analysis.
- Efficient allocation of these resources is crucial for maximizing fulfillment.
- Human needs are characterized as unlimited, creating a fundamental economic challenge.
Objectives of Economics
- The primary aim is to satisfy human needs to the greatest extent possible.
- It emphasizes efficiency in resource allocation to enhance overall satisfaction.
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