The Meaning of Economics
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Questions and Answers

Which of the following best describes the meaning of Economics?

  • The study of how consumers increase their satisfaction
  • The study of human behavior related to allocation of scarce resources to fulfill unlimited wants (correct)
  • The study of how human acts to fulfill its unlimited wants by maximizing the level of satisfaction
  • The study of how producers increase their profits

    • What is scarcity?

  • The situation where we have more of what we want
  • The situation where wants are unlimited
  • The situation where resources are unlimited
  • The situation where we have less of what we want (correct)

    • What is the main goal of a consumer in Economics?

  • To increase its satisfaction (correct)
  • To increase its profits
  • To maximize the allocation of resources
  • To increase social welfare

    • What is the main goal of a producer in Economics?

    <p>To increase its profits</p> Signup and view all the answers

    What is the main goal of society in Economics?

    <p>To increase social welfare</p> Signup and view all the answers

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