Understand the economics concept

The following statement related to the definition of economics which is FALSE.

• A study of how people use their limited resources to fulfill unlimited wants

• A study on the strategies of how entrepreneurs expanding their business

• An activity that helps people make economic gains.

• A science knowledge which studies human behaviours as a relationship between ends and scarce which have alternative uses

Which of the following statements is not related to economic problems?

• what to produce?

• for whom to produce?

• how to produce?

• where to produce?

The problem of scarcity arises due to_____________

• human being greed

• government restriction to the production of too many goods and services

• limited available resources

• inefficient production methods to expand the production of goods and services

In an economy, ____________ are three groups of decision makers

• firms, banks and traders

• firms, households and banks

• households, governments and firms

• household, governments and banks

________ is studying on how Ahmad allocates his time between work and leisure.

• Microeconomics

• Macroeconomics

• Empirical economics

• Managerial economics