5 Questions
Which term comes from the Greek words 'OIKOS' and 'NOMOS' and refers to the study of how people live by producing, distributing, and consuming scarce goods and services?
Economy
What is the main problem that arises due to the limited resources available to produce goods and services compared to the limitless human wants?
Scarcity
What are the rules of a household called in economics?
Economy
What is the study of how people live by producing, distributing, and consuming scarce goods and services called?
Economy
What is the term used to describe the condition where the resources available to produce goods and services are limited compared to the unlimited human wants?
Scarcity
Test your knowledge of the basic economic problem and the origins of economics with this quiz. Explore the concept of managing resources and discover how economic thinking has evolved over time.
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