Economics_main concepts

The economic problem will always be solved.

• TRUE

• FALSE

The economic problem is that we have _ wants and _ resources.

• Limited

  Unlimited

• Unlimited

  Limited

• Goods

  Services

• Economic

  Natural

Economics is a social science studying people & choices.

• TRUE

• FALSE

Economics studies how societies, governments, businesses, and households allocate their scarce resources.

• TRUE

• FALSE

Which of the following is not an economic resource?

• Capital

• Human Resources

• Natural resources

• Market resources

The 3 questions economies are trying to answer are:

• What to make

  How to make it

  Who to make it for

• What to make

  How much of it to make

  When to make it

• What to make

  How to make it

  How much of it to make

• What to make

  Who to make it for

  Which market to make it fo

The Father of Economics, Adam Smith, believed in what type of economy?

• Market economy

• Mixed economy

• Supply economy

• Traditional economy

North Korea has an economy where the _ decides what to make, how to make it, and who it's for.

• Businesses

• Government

• People

• Consumers

A small tribe in the Uganda who works to create good and services and work together as a community is an example of a _ economy.

• Mixed

• Traditional

• Regulatory

• Market

An economy with no government interference is an example of a _ economy.

• Mixed

• Market

• Traditional

• Command