Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

12 Questions

0 Views

Human Resources vs Physical Resources

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the decision-making process in economics primarily concerned with?

Minimizing consumption

Solving production problems

Allocating scarce resources (correct)

Maximizing individual wealth

How has economics been defined in relation to the decision-making process?

A science of wealth getting

A science of production

A social science dealing with human wants

A science of making choices (correct)

What is the main focus of the decision-making process in economics?

Wealth accumulation

Meeting human wants

Wealth utilization

Resource allocation (correct)

In the context of economics, what does the decision-making process aim to address?

Both individual satisfaction and society's welfare Signup and view all the answers

What is the definition of resources- also called as wealth?

Natural products, human qualities, and man-made things used in producing goods or services Signup and view all the answers

Which of the following is NOT an example of resources or wealth mentioned in the text?

Money and gold reserves Signup and view all the answers

In which category do the mineral resources mentioned in the text fall under?

Natural products Signup and view all the answers

What type of goods are described as 'goods that still require further processing and refinement before becoming final outputs' in the text?

Intermediate goods Signup and view all the answers

Which of the following is a correct definition of wealth?

Products of nature, qualities of individuals, and man-made things used in producing goods or services Signup and view all the answers

Why are physical resources considered wealth?

Because they can be used to provide present and future satisfaction Signup and view all the answers

Which term refers to resources drawn from the wealth of oceans?

Marine resources Signup and view all the answers

What pertains to the difficulties in producing resources and leads to their limited availability?

Length of time required to produce resources Signup and view all the answers