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Questions and Answers
Which of the following best describes economics?
Which of the following best describes economics?
- The study of human behavior.
- The study of how to achieve societal goals.
- The study of how to maximize profits in business.
- The study of how humans make decisions in the face of scarcity. (correct)
What does scarcity mean in the context of economics?
What does scarcity mean in the context of economics?
- Having more resources than what is available. (correct)
- Having limited wants and needs.
- Having an abundance of goods, services, and resources.
- Having unlimited resources.
Which types of decisions can be studied in economics?
Which types of decisions can be studied in economics?
- Only societal decisions.
- Only business decisions.
- Only individual decisions.
- Individual, family, business, and societal decisions. (correct)
