6 Questions
What does Economics aim to maximize for society?
Social welfare
What is the main focus of Economics?
Maximizing satisfaction for consumers and profits for producers
According to Economics, what should be maximized by producers?
Profits
Explain the main concern of Economics as a science of human behavior.
Economics is concerned with the allocation of scarce resources in a manner that allows consumers to maximize satisfaction, producers to maximize profits, and society to maximize social welfare.
What is the goal of maximizing satisfaction for consumers in Economics?
The goal is to allocate resources in a way that allows consumers to maximize their satisfaction.
How does Economics aim to benefit society?
Economics aims to benefit society by maximizing social welfare through the allocation of scarce resources in a manner that benefits the overall well-being of the society.
Test your knowledge of economics with this quiz that covers the allocation of scarce resources, consumer satisfaction, producer profits, and social welfare.
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