Podcast
Questions and Answers
Which statement best describes the core concept of economics?
Which statement best describes the core concept of economics?
- The study of how societies allocate limited resources to satisfy unlimited wants. (correct)
- The study of how to eliminate scarcity by increasing production.
- The study of how to accumulate unlimited resources.
- The study of how to control prices in a market.
What is the key difference between a 'want' and a 'need' in economics?
What is the key difference between a 'want' and a 'need' in economics?
- They are the same thing.
- A need is something essential for survival, while a want is something desired that can be satisfied by consuming goods and services. (correct)
- A want is something you desire that requires basic survival while a need is something that does not.
- A want is limited and scarce while a need is abundant.
Which of the following scenarios best illustrates scarcity?
Which of the following scenarios best illustrates scarcity?
- A limited supply of a highly desired rare collectible that can be traded. (correct)
- A grocery store that overstocked milk, resulting in it expiring before it is sold.
- A decision by a company to temporarily cease production of a certain product.
- A temporary lack of gasoline due to a refinery malfunction.
What is a central concern of macroeconomics?
What is a central concern of macroeconomics?
If there is a fire at a factory that manufactures a particular good and halts production, what economic concept does this best represent?
If there is a fire at a factory that manufactures a particular good and halts production, what economic concept does this best represent?
Flashcards
Economics
Economics
The study of scarcity and choices made by individuals.
Scarcity
Scarcity
Unlimited wants and limited resources; a fundamental aspect of economics.
Wants vs. Needs
Wants vs. Needs
Wants are desires fulfilled by goods or services; Needs are essential for survival.
Scarcity vs. Shortage
Scarcity vs. Shortage
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Macroeconomics
Macroeconomics
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