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Understanding Economics: A Overview

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Questions and Answers

What is the definition of Economics?

The study of how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants (correct)

The study of how governments allocate scarce resources to satisfy unlimited wants

The study of how individuals make choices on allocating unlimited resources

The study of how nations satisfy their unlimited wants

What is the focus of microeconomics?

The behavior of the aggregate economy

Individual consumers (correct)

Government decisions

The allocation of scarce resources

What is an example of a service?

A cheeseburger

A new car

An oil change for a car (correct)

A new pair of shoes

Who are considered Producers in Economics?

Those who provide goods and services that people want Signup and view all the answers

What determines the goods and services that we purchase or produce?

Access to scarce resources Signup and view all the answers

What is an economic decision according to the text?

Decisions made about goods and services guided by economic choices Signup and view all the answers

What is the force that guides which scarce resources will be used to provide goods and services in Economics?

Choices Signup and view all the answers

Which of the following cannot be stored or transported, is instantly perishable, and comes into existence at the time it is bought and consumed?

Services Signup and view all the answers

What are limited and consist of those basic elements required to survive in Economics?

Needs Signup and view all the answers

What are things we desire, unlimited, but not required to survive in Economics?

Wants Signup and view all the answers

Which theory of motivation did economists begin to incorporate after it was published by Abraham Maslow?

Theory of Human Motivation Signup and view all the answers

What is an example of a good in Economics?

Clothing Signup and view all the answers