10 Questions
Which of the following best describes the economic problem?
The economic problem refers to the fundamental issue of scarcity and unlimited wants.
What does economic activity refer to?
Economic activity refers to the production, distribution, and consumption of goods and services in an economy.
What is the main idea behind Maslow's hierarchy of needs?
Maslow's hierarchy of needs suggests that individuals have a set of hierarchical needs, ranging from basic physiological needs to self-actualization.
What is the relationship between the economic problem and economic activity?
Economic activity is the result of individuals, businesses, and societies making choices about how to allocate scarce resources.
What is the contrast that gives rise to the concept of economic activity?
The contrast between the limitlessness of needs and the scarcity of resources.
What is the economic problem?
The fundamental issue of scarcity and unlimited wants
What does economic activity refer to?
The production, distribution, and consumption of goods and services
What is the main idea behind Maslow's hierarchy of needs?
Individuals have a set of hierarchical needs ranging from basic physiological needs to self-actualization
What arises from the fact that resources are limited while human wants and needs are infinite?
The fundamental issue of scarcity and unlimited wants
What must individuals, businesses, and societies do due to the economic problem?
Make choices about how to allocate scarce resources
This quiz explores the economic problem, which is the fundamental issue of scarcity and unlimited wants. Learn about the challenges of allocating limited resources to fulfill infinite needs and wants.
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