10 Questions
What does the economic problem specialize in?
Searching for specific problems in society
What is scarcity in the economic context?
A relative situation representing conflict between human needs and resources
What does the choice often require in the economic context?
Sacrificing some needs to satisfy others
What is the nature of the internal economic environment?
It can be controlled and managed
Which statement best describes the economic problem?
It represents the ongoing conflict between human needs and available resources
What is the definition of economics according to Prof.Dr Gaber Shabib?
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
What are the two important elements that characterize an economy according to the text?
Desire and purchasing power
Which of the following is considered an element of economic resources as mentioned in the text?
Work
What is the return on natural resources called according to Prof.Dr Gaber Shabib?
Rent
Which of the following is included in the concept of capital according to the text?
Machinery, equipment, and buildings
Test your knowledge of the definition of economics and its focus on finding solutions to economic problems. Explore the key elements of an economy such as desire and purchasing power.
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