The Economics of Scarcity
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Questions and Answers

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?

  • 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?

  • Only societal decisions.
  • Only business decisions.
  • Only individual decisions.
  • Individual, family, business, and societal decisions. (correct)

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