Podcast
Questions and Answers
Which of the following best defines economics?
Which of the following best defines economics?
- The study of human decisions and activities in the face of abundant resources.
- The study of human decisions and activities in the face of unlimited resources.
- The study of human decisions and activities in the face of limited resources.
- The study of human decisions and activities in the face of scarce resources. (correct)
What are the two attributes of the economy mentioned in the text?
What are the two attributes of the economy mentioned in the text?
- Scarcity of resources and limited wants of people. (correct)
- Scarcity of resources and unlimited wants of people.
- Abundance of resources and limited wants of people.
- Abundance of resources and unlimited wants of people.
Which of the following is considered a resource in economics?
Which of the following is considered a resource in economics?
- Time (correct)
- Happiness
- Desire
- Money
What is scarcity in economics?
What is scarcity in economics?
Why is it important to study economics?
Why is it important to study economics?
Which of the following is NOT considered a resource in economics?
Which of the following is NOT considered a resource in economics?
What is the gap called between the limitless wants of people and the limited resources available?
What is the gap called between the limitless wants of people and the limited resources available?
Which of the following is NOT included in a nation's economy?
Which of the following is NOT included in a nation's economy?
What does economics study?
What does economics study?
What are the two attributes of the economy mentioned in the text?
What are the two attributes of the economy mentioned in the text?
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Study Notes
Defining Economics
- Economics is the study of how people, businesses, governments, and nations make decisions about how to allocate limited resources to meet their unlimited wants and needs.
Attributes of the Economy
- Two attributes of the economy mentioned in the text are unlimited wants and limited resources.
Resources in Economics
- Resources in economics include land, labor, capital, and entrepreneurship.
Scarcity in Economics
- Scarcity in economics refers to the fundamental economic problem of unlimited wants and limited resources.
Importance of Studying Economics
- It is important to study economics because it helps us understand how to make informed decisions about how to allocate limited resources to meet our unlimited wants and needs.
Non-Resources in Economics
- Household chores are NOT considered a resource in economics.
The Gap between Wants and Resources
- The gap between the limitless wants of people and the limited resources available is called scarcity.
Nation's Economy
- A nation's economy does NOT include non-market activities, such as household chores.
What Economics Studies
- Economics studies how people, businesses, governments, and nations make decisions about how to allocate limited resources to meet their unlimited wants and needs.
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