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Questions and Answers
According to the definition provided, what is economics?
According to the definition provided, what is economics?
- The study of human behavior as a relationship between ends and scarce means
- The study of the use of scarce resources that have alternative uses
- The study of efficient use of scarce resources to achieve maximum satisfaction of economic wants (correct)
- The study of how individuals, businesses, and institutions make social choices to optimize their level of satisfaction
What decisions do households and economies face?
What decisions do households and economies face?
- Decisions regarding which goods to produce and in what quantities
- Decisions regarding the use of resources in production
- Decisions regarding the distribution of produced goods
- All of the above (correct)
What is the origin of the word 'economy'?
What is the origin of the word 'economy'?
- English word 'economy' derived from 'eco' and 'nomos'
- Greek word 'oikonomias' meaning 'one who manages a household' (correct)
- French word 'économie' meaning 'the science of wealth'
- Latin word 'economia' meaning 'management of a household'
What does economics study in relation to social choices?
What does economics study in relation to social choices?
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What is the main focus of economics?
What is the main focus of economics?
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