Podcast
Questions and Answers
Which term refers to attaining maximum output with the least possible input?
Which term refers to attaining maximum output with the least possible input?
- Scarcity
- Effectiveness
- Efficiency (correct)
- Shortage
What is the study of how society manages its scarce resources called?
What is the study of how society manages its scarce resources called?
- Economy
- Utility
- Managerial Economics (correct)
- Opportunity Cost
Which term describes the condition where the demand for a service cannot be met by the current supply?
Which term describes the condition where the demand for a service cannot be met by the current supply?
- Effectiveness
- Shortage (correct)
- Utility
- Scarcity
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
Which term refers to the temporary condition where the demand for a service cannot be met by the current supply?
Which term refers to the temporary condition where the demand for a service cannot be met by the current supply?
What is the study of how society manages its scarce resources called?
What is the study of how society manages its scarce resources called?
Which term describes attaining maximum output with the least possible input?
Which term describes attaining maximum output with the least possible input?
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
What is the term economists use to describe the sacrifices made when making a decision due to scarcity?
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
What is the term used to describe an individual's pleasure, happiness, or satisfaction?
