Basic Economic Problem

Basic Economic Problem

What is the nature of the economic problem? (Think about it, you have learnt before)

Multiple Choice

The nature of the economic problem means......

• infinite resources, limited wants

• infinite resources, unlimited wants

• finite resources, unlimited wants

• finite resources, limited wants

Economic agents are people who.....

• make decisions in the economy

• make choices in the economy

There are two types of goods in an economy:

• Goods with limited supply

• Goods with unlimited supply

Multiple Choice

Goods with limited supply is known as.....

• general goods

• specific goods

• free goods

• economic goods

Multiple Choice

Goods with unlimited supply is known as.......

• economic goods

• free goods

• general goods

• specific goods

Human needs include:

• nutritional food

• clean water

• shelter

• clothing

• healthcare

• education

Human wants are a:

• matter of personal choice

• part of human nature

Multiple Choice

Human needs are the essential goods and services required for

• human satisfaction

• human development

• human rights

• human survival

Multiple Choice

Human wants are goods and services which are not necessary for survival but are

• human growth

• human needs

• human desires

• human feelings