Economic Chapter 1 – Flashcards
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When economics say scarcity, they mean
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the human desire for gods exceeds the available supply of time, goods and resources
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Scarcity is a problem
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because human wants are unlimited while resources are limited
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Scarcity is a
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subjective concept that human wants can never be satisfied
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Which of the following would eliminate scarcity as an economic problem
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none of these
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People are forced to make choices because of
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unlimited wants and limited resources
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A textbook is an example of
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capital
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Which of the following is the best exapmo
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starting a new business
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The person who assumes the risks and uncertainties of starting new business is considered to be
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an entrepreneur
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the central question in economics is how to
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change people's wants to match their needs
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Economics, according to its definition, studies how people
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decision-making because of the problem of scarcity
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Microeconomics approaches the study of economics from the viewpoint of
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make choices in the face of scarcity
