The Economic Problem
10 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following best describes the economic problem?

  • The economic problem refers to the fundamental issue of scarcity and unlimited wants. (correct)
  • The economic problem is the production, distribution, and consumption of goods and services in an economy.
  • The economic problem arises from the fact that resources are unlimited, while human wants and needs are limited.
  • The economic problem is the result of individuals, businesses, and societies making choices about how to allocate scarce resources.

    • What does economic activity refer to?

  • Economic activity refers to the production, distribution, and consumption of goods and services in an economy. (correct)
  • Economic activity refers to individuals, businesses, and societies making choices about how to allocate scarce resources.
  • Economic activity refers to the fundamental issue of scarcity and unlimited wants.
  • Economic activity refers to the fact that resources are limited, while human wants and needs are infinite.

    • What is the main idea behind Maslow's hierarchy of needs?

  • Maslow's hierarchy of needs suggests that individuals have unlimited wants and needs.
  • Maslow's hierarchy of needs suggests that individuals have a set of hierarchical needs, ranging from basic physiological needs to self-actualization. (correct)
  • Maslow's hierarchy of needs suggests that individuals must satisfy their lower-level needs before they can move on to higher-level needs.
  • Maslow's hierarchy of needs suggests that individuals must satisfy their higher-level needs before they can move on to lower-level needs.

    • What is the relationship between the economic problem and economic activity?

    <p>Economic activity is the result of individuals, businesses, and societies making choices about how to allocate scarce resources.</p> Signup and view all the answers

    What is the contrast that gives rise to the concept of economic activity?

    <p>The contrast between the limitlessness of needs and the scarcity of resources.</p> Signup and view all the answers

    What is the economic problem?

    <p>The fundamental issue of scarcity and unlimited wants</p> Signup and view all the answers

    What does economic activity refer to?

    <p>The production, distribution, and consumption of goods and services</p> Signup and view all the answers

    What is the main idea behind Maslow's hierarchy of needs?

    <p>Individuals have a set of hierarchical needs ranging from basic physiological needs to self-actualization</p> Signup and view all the answers

    What arises from the fact that resources are limited while human wants and needs are infinite?

    <p>The fundamental issue of scarcity and unlimited wants</p> Signup and view all the answers

    What must individuals, businesses, and societies do due to the economic problem?

    <p>Make choices about how to allocate scarce resources</p> Signup and view all the answers

    More Like This

    The Economic Problem and Economic Flows
    16 questions

    The Economic Problem and Economic Flows

    ImprovedChaparral avatar
    ImprovedChaparral
    Y1 1) The Economic Problem (Scarcity & Choice)
    24 questions

    Y1 1) The Economic Problem (Scarcity & Choice)

    RapturousButtercup avatar
    RapturousButtercup
    Economics Lecture 1: The Economic Problem
    5 questions

    Economics Lecture 1: The Economic Problem

    UpbeatEllipse avatar
    UpbeatEllipse
    Economics: The Economic Problem
    10 questions

    Economics: The Economic Problem

    DependablePromethium avatar
    DependablePromethium
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser