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Questions and Answers
What are the building blocks of the economy?
What are the building blocks of the economy?
- Wants
- Goods and services
- Factors of production (correct)
- Resources
What is the income earned by labour resources?
What is the income earned by labour resources?
- Wages (correct)
- Interest
- Profit
- Rent
What type of resource includes water, oil, copper, natural gas, coal, and forests?
What type of resource includes water, oil, copper, natural gas, coal, and forests?
- Man-made resources
- Capital
- Natural resources (correct)
- Human resources
What combines the other factors of production to earn a profit?
What combines the other factors of production to earn a profit?
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What is the payment to entrepreneurship?
What is the payment to entrepreneurship?
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What is an example of man-made resources?
What is an example of man-made resources?
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What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
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How do economics help individuals in decision-making?
How do economics help individuals in decision-making?
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What distinguishes 'needs' from 'wants' in economics?
What distinguishes 'needs' from 'wants' in economics?
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How does scarcity impact economic decision-making?
How does scarcity impact economic decision-making?
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Which field of economics focuses on the choices individuals and businesses make?
Which field of economics focuses on the choices individuals and businesses make?
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What distinguishes microeconomics from macroeconomics?
What distinguishes microeconomics from macroeconomics?
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