US Global Economy 1.04 Quiz: What Is Economics Anyway? – Flashcards
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listening to music
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Which is not considered a game?
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actions expected of him or her
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Which best describes a player's role in any game?
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services
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In the game of economics, which word is used to describe actions that other people value?
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rules
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Which is a feature of all games?
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reduction of waste
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Which is not necessary to the game of economics?
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Different people want different things out of life.
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Which best explains why the game of economics does not have a single goal?
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a player who cheats at cards is eliminated from the game
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Which describes an action that serves the goal of equity?
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No matter how much is produced, people will always want more.
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Which explains why scarcity cannot be eliminated?
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Human effort and ideas drive production.
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Which best describes what labor directly contributes to production?
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How is production to be organized?
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Which is a question that must be answered before production can take place?
