Podcast
Questions and Answers
What does scarcity mean in the context of economics?
What does scarcity mean in the context of economics?
- The demand for a good or service is greater than the availability of the good or service (correct)
- The demand for a good or service is less than the availability of the good or service
- The supply of a good or service exceeds the demand for it
- The demand for a good or service is equal to the availability of the good or service
Which category of economic resources includes all manufactured aids/tools equipment used in producing goods and services?
Which category of economic resources includes all manufactured aids/tools equipment used in producing goods and services?
- Capital (correct)
- Enterpreneurial ability
- Labor
- Land
What is the study of individuals, households, and firm's behavior in decision making and allocation of resources called?
What is the study of individuals, households, and firm's behavior in decision making and allocation of resources called?
- Capital economics
- Macroeconomics
- Microeconomics (correct)
- Labor economics
Which factor of production includes all natural resources?
Which factor of production includes all natural resources?
What is likely to happen in microeconomics when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production?
What is likely to happen in microeconomics when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production?
Which factor of production represents all physical and mental talents of individuals?
Which factor of production represents all physical and mental talents of individuals?
What does scarcity do to the choices available to consumers in an economy?
What does scarcity do to the choices available to consumers in an economy?
Which category of economic resources includes the initiator, innovator, strategic decision maker, risk taker, etc.?
Which category of economic resources includes the initiator, innovator, strategic decision maker, risk taker, etc.?
Which study focuses on the behavior of individual actors in response to changes in incentives, prices, and methods of production?
Which study focuses on the behavior of individual actors in response to changes in incentives, prices, and methods of production?
What are the inputs that are utilized during the production process called?
What are the inputs that are utilized during the production process called?
