Podcast
Questions and Answers
What is the definition of Economics?
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?
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?
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?
Who are considered Producers in Economics?
What determines the goods and services that we purchase or produce?
What determines the goods and services that we purchase or produce?
What is an economic decision according to the text?
What is an economic decision according to the text?
What is the force that guides which scarce resources will be used to provide goods and services in Economics?
What is the force that guides which scarce resources will be used to provide goods and services in Economics?
Which of the following cannot be stored or transported, is instantly perishable, and comes into existence at the time it is bought and consumed?
Which of the following cannot be stored or transported, is instantly perishable, and comes into existence at the time it is bought and consumed?
What are limited and consist of those basic elements required to survive in Economics?
What are limited and consist of those basic elements required to survive in Economics?
What are things we desire, unlimited, but not required to survive in Economics?
What are things we desire, unlimited, but not required to survive in Economics?
Which theory of motivation did economists begin to incorporate after it was published by Abraham Maslow?
Which theory of motivation did economists begin to incorporate after it was published by Abraham Maslow?
What is an example of a good in Economics?
What is an example of a good in Economics?
