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Introduction to Economics

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Questions and Answers

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?

Wages (correct)

Interest

Profit

Rent

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?

Entrepreneurship Signup and view all the answers

What is the payment to entrepreneurship?

Profit Signup and view all the answers

What is an example of man-made resources?

Machinery Signup and view all the answers

What is the primary focus of microeconomics?

Analyzing the choices made by individuals, businesses, and governments Signup and view all the answers

How do economics help individuals in decision-making?

By providing a framework to understand trade-offs and choices Signup and view all the answers

What distinguishes 'needs' from 'wants' in economics?

Needs are human desires, wants are essentials for survival Signup and view all the answers

How does scarcity impact economic decision-making?

Scarcity forces individuals to make choices due to limited resources Signup and view all the answers

Which field of economics focuses on the choices individuals and businesses make?

Microeconomics Signup and view all the answers

What distinguishes microeconomics from macroeconomics?

Microeconomics studies individual choices, macroeconomics focuses on national and global effects Signup and view all the answers