Economics: Study of Scarcity and Choice
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Questions and Answers

What is the main focus of economics?

  • Study of human behavior
  • Management of unlimited resources
  • Fulfillment of unlimited wants
  • Management of scarce resources (correct)
  • Why do individuals have to make choices in economics?

  • Due to abundance of resources
  • To maximize resources
  • Because of scarcity (correct)
  • To prevent wastage of resources
  • In economics, who or what does man interact with to make choices?

  • Domestic animals
  • Government authorities
  • Other human beings and nature (correct)
  • Inanimate objects
  • Economics is the study of human behavior in relation to the use of unlimited resources to fulfill scarce wants.

    <p>False</p> Signup and view all the answers

    In economics, due to abundance, individuals do not have to make choices.

    <p>False</p> Signup and view all the answers

    In economics, man only interacts with other human beings to make choices, and does not interact with nature.

    <p>False</p> Signup and view all the answers

    What is the main focus of Islamic economics?

    <p>Prioritizing social benefit to mankind</p> Signup and view all the answers

    According to Islamic economics, what is the approach and process of interpreting and solving man’s economic problems based on?

    <p>Values, norms, and laws found in the sources of Islam</p> Signup and view all the answers

    What does Islamic economics classify as an economic activity?

    <p>Any activity with a primary aim of social benefit to mankind</p> Signup and view all the answers

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