Master the Basics of 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

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)

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'

<p>How individuals, businesses, and institutions make social choices to optimize their level of satisfaction</p> Signup and view all the answers

<p>The study of resource allocation</p> Signup and view all the answers