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Questions and Answers
What is the social science that studies the choices made by individuals, businesses, governments, and entire societies as they cope with scarcity and incentives?
Why do all economic questions arise?
What is the inability to satisfy all our wants called?
What is an incentive in economics?
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What are the two main parts into which economics is divided?
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What is the main focus of microeconomics?
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Which factor of production refers to the tools, machines, and buildings used in production?
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Why do choices made in the pursuit of self-interest also promote the social interest?
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Who earns interest as part of the distribution of goods and services?
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What distinguishes positive statements from normative statements in economics?
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