What is Economics: Chapter Study
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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?

  • Economics (correct)
  • Sociology
  • Anthropology
  • Psychology

    • Why do all economic questions arise?

  • Because we want more than we can get (correct)
  • Because of overproduction
  • Due to abundance of resources
  • Due to lack of incentives

    • What is the inability to satisfy all our wants called?

  • Sufficiency
  • Abundance
  • Scarcity (correct)
  • Overproduction

    • What is an incentive in economics?

    <p>A reward that encourages an action</p> Signup and view all the answers

    What are the two main parts into which economics is divided?

    <p>Microeconomics and macroeconomics</p> Signup and view all the answers

    What is the main focus of microeconomics?

    <p>The study of choices made by individuals and businesses</p> Signup and view all the answers

    Which factor of production refers to the tools, machines, and buildings used in production?

    <p>Capital</p> Signup and view all the answers

    Why do choices made in the pursuit of self-interest also promote the social interest?

    <p>Because people's choices interact in markets</p> Signup and view all the answers

    Who earns interest as part of the distribution of goods and services?

    <p>Capital</p> Signup and view all the answers

    What distinguishes positive statements from normative statements in economics?

    <p>Positive statements are based on facts while normative statements are not</p> Signup and view all the answers

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