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Human Resources vs Physical Resources

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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 (B) 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 (A) 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 (D) Signup and view all the answers

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

Natural products (A) 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 (C) 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 (B) Signup and view all the answers

Why are physical resources considered wealth?

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

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

Marine resources (C) 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 (B) Signup and view all the answers