The Economic Problem
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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

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