Introduction to Economics: Science and Economic Elements
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Questions and Answers

What does the economic problem specialize in?

  • Managing the internal environment of organizations
  • Controlling the external environment for resource allocation
  • Finding solutions to various human needs
  • Searching for specific problems in society (correct)

    • What is scarcity in the economic context?

  • A relative situation representing conflict between human needs and resources (correct)
  • A phenomenon that only represents poverty
  • A situation of uncontrolled and excessive resource consumption
  • An absolute situation where resources are abundant

    • What does the choice often require in the economic context?

  • Controlling and managing the economic environment
  • Balancing the external and internal environments
  • Adapting to the scarcity of resources
  • Sacrificing some needs to satisfy others (correct)

    • What is the nature of the internal economic environment?

    <p>It can be controlled and managed</p> Signup and view all the answers

    Which statement best describes the economic problem?

    <p>It represents the ongoing conflict between human needs and available resources</p> Signup and view all the answers

    What is the definition of economics according to Prof.Dr Gaber Shabib?

    <p>The science that searches for the best ways to use available economic resources to meet the needs and desires of individuals for goods and services</p> Signup and view all the answers

    What are the two important elements that characterize an economy according to the text?

    <p>Desire and purchasing power</p> Signup and view all the answers

    Which of the following is considered an element of economic resources as mentioned in the text?

    <p>Work</p> Signup and view all the answers

    What is the return on natural resources called according to Prof.Dr Gaber Shabib?

    <p>Rent</p> Signup and view all the answers

    Which of the following is included in the concept of capital according to the text?

    <p>Machinery, equipment, and buildings</p> Signup and view all the answers

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