Econ Reviewer

Pick the best description of what economics is

• Is the study of proper allocation of resources

• the study of managing finances

• An exploration of how societies build infrastructure

• A branch of mathematics dedicated to statistical analysis

Which of the following most accurately describes scarcity in the context of economics?

• The presence of unlimited resources to meet unlimited human needs

• The coexistence of abundant resources and limited human desires

• A situation where the supply of useful resources is less than the demand for them

• A scenario in which the government can fully meet the demands of its citizens

which of the following best describes a "trade-off"

• Giving up one resource to obtain another, reflecting the careful allocation of resources

• The practice of using multiple resources in a single task to maximize efficiency

• A situation where unlimited resources meet unlimited human needs without any sacrifices

• The process of simultaneously acquiring two resources for the price of one

What does "opportunity cost" in economics refer to

• The total value of all resources used in a specific economic transaction

• The cost of alternatives that are given up when a decision is made

• The actual monetary expense of a particular choice

• The price paid for a unique opportunity

Type down the 5 basic economic questions

the study of individuals, households and firms'

behavior in decision making and allocation of resources

• Microeconomics

• Macroeconomics

materials and substances that occur

naturally in the environment and are used by humans for various purposes

• Manmade resources

• Human resources

• Natural resources

Define what potential labor force is

It is the physical and mental effort put into production of goods and services

• Entrepreneurship

• Labor

• Man-Made Resources

• Capital resources

Define what capital is