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Questions and Answers
Which word does the term 'economy' come from?
Which word does the term 'economy' come from?
- Greek
- Household
- Oikonomias (correct)
- Manage
What is the main focus of economics?
What is the main focus of economics?
- Optimizing satisfaction
- Making social choices
- Studying human behavior
- Efficient use of resources (correct)
What does economics study under conditions of scarcity?
What does economics study under conditions of scarcity?
- Social choices
- Use of scarce resources (correct)
- Satisfaction levels
- Human behavior
What are some decisions faced by households and economies?
What are some decisions faced by households and economies?
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What is the alternative use of scarce resources in economics?
What is the alternative use of scarce resources in economics?
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