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Questions and Answers
What are the three main resources in economics?
What are the three main resources in economics?
- Supply, demand, and equilibrium
- Money, time, and energy
- Land, labour, and capital (correct)
- Goods, services, and production
What is the difference between goods and services?
What is the difference between goods and services?
- Goods are related to production, services are related to consumption
- Goods are intangible, services are tangible
- Goods are tangible, services are intangible (correct)
- Goods are unlimited, services are limited
What is the act of making goods and services called?
What is the act of making goods and services called?
- Consumption
- Production (correct)
- Exchange
- Distribution
What do economists call resources like land, labour, and capital?
What do economists call resources like land, labour, and capital?
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What is the study of the use of scarce resources to satisfy unlimited human wants known as?
What is the study of the use of scarce resources to satisfy unlimited human wants known as?
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What is included in the factors of production in economics?
What is included in the factors of production in economics?
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Which of the following is an example of land as a resource in economics?
Which of the following is an example of land as a resource in economics?
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What is the act of using goods and services called in economics?
What is the act of using goods and services called in economics?
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Which of the following is an example of capital as a resource in economics?
Which of the following is an example of capital as a resource in economics?
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What is the study of the use of scarce resources to satisfy unlimited human wants known as in economics?
What is the study of the use of scarce resources to satisfy unlimited human wants known as in economics?
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