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Questions and Answers
Who is credited as the father of economics?
Adam Smith
What work by Adam Smith laid the foundation for many principles of economics?
An Enquiry into the Nature and Causes of the Wealth of Nations
According to Socrates, what did the term 'economics' originally mean?
the rules of good household management
What is the nature of economics, as mentioned in the text?
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What is the basic economic problem?
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Define scarcity in economics.
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Explain the concept of 'unlimited needs and wants' in economics.
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What are some examples of tough choices faced by consumers, workers, producers, and governments due to the basic economic problem?
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What are the four factors of production?
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Who is credited with revolutionizing the use of the personal computer by simplifying the complex task of using it?
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What are the rewards for the factors of production?
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What is factor mobility, and why is it important in a global society?
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Define scarcity and provide examples from the case study.
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Describe the basic economic problem from the point of view of the growing middle class.
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What are economic goods, and how do they contribute to an economy's GDP?
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Explain the categories of economic goods and provide examples of each category.
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Define free goods and economic goods.
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Do Facebook, Twitter, or Google exhibit any characteristics of a free good?
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Are the following examples free goods or economic goods: social media platforms (e.g., Facebook, Twitter), and smartphones (e.g., iPhone)?
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What are the characteristics of Steve Jobs as an entrepreneur?
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What is the difference between occupational mobility and geographic mobility?
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How does education, training, and experience affect the opportunity for occupational mobility?
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What are some characteristics that enhance the mobility of labour?
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Give an example of occupational mobility of capital.
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How is enterprise different from other factors of production in terms of mobility?
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