Economics Quiz

C) The study of the production of goods and services.

B) The study of the use of scarce resources to satisfy unlimited human wants. (correct)

A) The study of the most equitable distribution of scarce resources.

D) The study of the productive capacity of a nation's factors of production.

E) The study of production and increasing its efficiency.

E) Tangible commodities and intangible commodities.

A) Goods and services.

C) Land, labour, and capital. (correct)

D) Population and natural resources.

B) Factors of consumption.

D) Increasing the efficiency of production.

B) The production of goods and services.

E) Satisfying unlimited human wants with scarce resources. (correct)

C) The productive capacity of a nation's factors of production.

A) The equitable distribution of scarce resources.

<p>E) The trade-offs between different goods and services that can be produced.</p> Signup and view all the answers

<p>D) Scarcity highlights the need for choice and opportunity cost.</p> Signup and view all the answers

<p>The study of the use of scarce resources to satisfy unlimited human wants.</p> Signup and view all the answers

<p>The maximum quantity of goods and services that can be produced using available resources.</p> Signup and view all the answers

<p>Population and natural resources.</p> Signup and view all the answers

<p>The efficient allocation of resources.</p> Signup and view all the answers

<p>Scarcity is a fundamental concept in economics.</p> Signup and view all the answers