The Three Questions of Economics – Flashcards
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Which of the following best illustrates the importance of addressing the three questions of economics?
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Correct: Businesses need to use limited resources wisely
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Which of the factors of production will the company need to address most closely when...
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Incorrect: Labor and Capital
Incorrect: Land and Labor
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Resources needed to provide goods or services are called
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Correct: Factors of production
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Which of the following will be accomplished by assessing the factors of production?
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Correct: Guaranteeing the fulfillment of needs and wants
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One of the three economic questions deals with deciding
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Correct: What goods and services should be produced
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Fantastic Snack Company has spent months developing a new type...
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Correct: Not meeting the wants of its consumers
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A society decides that it needs to produce more corn to feed the growing population...
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Incorrect: Determine...
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Which consideration must be addressed when deciding for whom to produce?
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Correct: Who has the greatest need?
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One of the main questions of economics addresses who should
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Correct: Receive goods and services
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Which of the following is an example of a land resource?
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Correct: Cow
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The questions of economics address which of the following? Check all that apply.
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Correct: Who, What, How
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Failure to address the three questions of economics will have what kind of impact...
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Correct: It will have negative consequences
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Which of the following best illustrates deciding how to produce a specific product?
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Incorrect: Do we...
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One of the main questions of economics involves deciding upon the method for
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Correct: creating goods and services
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Which of the following is an example of a capital resource?
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Incorrect: Coal
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Zahara Smith is wondering how she can make her check strength enough to afford...
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Correct: Needs and wants
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If a specific economy has extra capital resources available, it will
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Correct: Be able to produce both needed and wanted products
