Practice Meaning Of Economics (1.2) - Basic Concepts of Economics

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5 questions

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6 sample questions

Question 1.
Define economics in your own words.
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Think about the definition given in class.
Question 2.
Explain why scarcity is an important concept in economics.
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Remember how choices are influenced by limited resources.
3Question 3.
What is the primary focus of economics?
- A. Production only
- B. Distribution only
- C. Allocation of resources
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Think about the meaning of the word economics.
4Question 4.
True or False: Scarcity means that there are unlimited resources.
- True
- False
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Consider the definition of scarcity provided in class.
Question 5.
If a student has $30 to spend on lunch for a week and decides to buy lunch every day instead of saving for a special event, what is their opportunity cost?
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Consider what they could have done instead of buying lunch.
Question 6.
How might a business determine which products to produce when faced with limited resources?
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Think about the factors that influence business decisions.

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