chapter 1: THE ECONOMY OF PEOPLE

Human needs are...

• Unlimited

• Limited

• both are wrong

Which of the following workers provide us a service?

• Sculptor

• Doctor

• Farmer

• Baker

Economics is a science

• True

• False

Goods and services have a price because...

• They are limited

• They are unlimited

Economic scarcity

• It is universal

• It is relative

• Both are correct

Rich people do not suffer from economic scarcity

• True

• False

Economic scarcity and poverty are the same thing

• True

• False

What are the economic agents?

• families

• families, companies and the public sector

• families and companies

Who make private consumption decisions?

• Families

• Companies

• Public sector

When we make one decision we give up another. what is that

• Intelligence cost

• Price cost

• Oportunity cost