Introduction to Economics

Economics

• Economics is the study of how people manage scarce resources to meet their needs.
• A need is the feeling of lacking something, alongside a desire to fulfill it.
• There are two types of needs:
  • Primary needs: directly linked to survival or personal development (e.g., food, clothing, education).
  • Secondary needs: increase well-being and vary based on time and culture (e.g., a mobile phone, internet access).
• Goods and services are what people use to fulfill their needs.
• Goods and services fulfill primary and secondary needs.

This quiz explores the fundamental concepts of economics, including the management of scarce resources and the distinction between primary and secondary needs. It also covers the roles of goods and services in fulfilling these needs. Test your understanding of economic principles and their practical implications.