Podcast
Questions and Answers
What is the study of economics primarily concerned with?
What is the study of economics primarily concerned with?
- Ensuring equal distribution of wealth
- Maximizing profits for businesses
- Providing essential goods to people
- Making choices with limited resources (correct)
In economics, what is considered a need?
In economics, what is considered a need?
- Stylish haircuts
- Video games
- Clothing and fashion accessories
- Food and medical care (correct)
What forces individuals, businesses, and governments to make choices?
What forces individuals, businesses, and governments to make choices?
- Scarcity of resources (correct)
- Equal distribution of resources
- Abundance of resources
- Unlimited supply of resources
What are physical objects that someone produces to satisfy needs and wants?
What are physical objects that someone produces to satisfy needs and wants?
What is the primary problem addressed in the text?
What is the primary problem addressed in the text?
Which of the following is an example of a want?
Which of the following is an example of a want?
What term is used to describe the fact that limited amounts of goods and services are available to meet unlimited wants?
What term is used to describe the fact that limited amounts of goods and services are available to meet unlimited wants?
Which of the following is an example of a natural resource used to produce goods and services?
Which of the following is an example of a natural resource used to produce goods and services?
What type of capital refers to the knowledge and skills acquired through education and experience?
What type of capital refers to the knowledge and skills acquired through education and experience?
Who is a person or group of people who identify, bring together, and utilize the factors of production to satisfy consumers' needs and wants?
Who is a person or group of people who identify, bring together, and utilize the factors of production to satisfy consumers' needs and wants?
Which factor of production is related to the effort people devote to tasks for which they are paid?
Which factor of production is related to the effort people devote to tasks for which they are paid?
What occurs when consumers want more of a good or service than producers are willing to make available at a particular price?
What occurs when consumers want more of a good or service than producers are willing to make available at a particular price?
What refers to any human-made resource used to produce other goods and services?
What refers to any human-made resource used to produce other goods and services?
'Medical care and haircuts' are examples of which economic concept?
'Medical care and haircuts' are examples of which economic concept?
What is the primary problem addressed in the text?
What is the primary problem addressed in the text?
Which type of resources are used to provide services like medical care and classroom instruction?
Which type of resources are used to provide services like medical care and classroom instruction?
What do economists use the term 'land' to refer to?
What do economists use the term 'land' to refer to?
What factor of production involves the effort people devote to tasks for which they are paid?
What factor of production involves the effort people devote to tasks for which they are paid?
