5 Questions
Which of the following best describes the meaning of Economics?
The study of human behavior related to allocation of scarce resources to fulfill unlimited wants
What is scarcity?
The situation where we have less of what we want
What is the main goal of a consumer in Economics?
To increase its satisfaction
What is the main goal of a producer in Economics?
To increase its profits
What is the main goal of society in Economics?
To increase social welfare
Test your knowledge of the meaning of economics with this quiz! Explore the study of human behavior, resource allocation, and maximizing satisfaction. See how well you understand this fundamental concept in economics.
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