Podcast
Questions and Answers
What is the main task of economics according to the text?
What is the main task of economics according to the text?
- Utilization of wealth for production and consumption
- Making choices based on opportunity cost
- Allocation of scarce resources to answer unlimited human wants (correct)
- Analysis of the key elements of social science
What is the primary concern of economics regarding human wants?
What is the primary concern of economics regarding human wants?
- Physical comfort and interests
- Love and concern for justice
- Unlimited material wants (correct)
- Analysis of nonmaterial wants
Which of the following best defines opportunity cost?
Which of the following best defines opportunity cost?
- Making choices based on scarcity
- The utilization of wealth for production and consumption
- Forgone benefits of an alternative when making a choice (correct)
- Human wants that multiply over time
In economics, what does scarcity refer to?
In economics, what does scarcity refer to?
Which element is NOT considered a key element in analyzing economics according to the text?
Which element is NOT considered a key element in analyzing economics according to the text?
What does Economics primarily focus on managing?
What does Economics primarily focus on managing?
How does the market system address shortage or surplus?
How does the market system address shortage or surplus?
In what situations is the command system used as an allocation mechanism?
In what situations is the command system used as an allocation mechanism?
What role does culture and social norms play in the tradition of allocation?
What role does culture and social norms play in the tradition of allocation?
Why is economics considered an applied science?
Why is economics considered an applied science?
What characterizes the market system as an allocation mechanism?
What characterizes the market system as an allocation mechanism?
How does the command system differ from the market system in terms of resource allocation?
How does the command system differ from the market system in terms of resource allocation?
What is the basis for allocation in the Allocation Priority system?
What is the basis for allocation in the Allocation Priority system?
How does economics study how society creates its material wealth?
How does economics study how society creates its material wealth?
What is scarcity defined as in economics?
What is scarcity defined as in economics?
What differentiates human wants according to economic analysis?
What differentiates human wants according to economic analysis?
What are the economic goals of society as mentioned in the text?
What are the economic goals of society as mentioned in the text?
From the text, what does Economics as a Social Science primarily study?
From the text, what does Economics as a Social Science primarily study?
