Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following best describes the meaning of Economics?
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?
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?
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?
What is the main goal of a producer in Economics?
Signup and view all the answers
What is the main goal of society in Economics?
What is the main goal of society in Economics?
Signup and view all the answers
