Untitled video quiz

What is the primary focus of economics?

• The study of how people interact in social settings.

• The study of the choices people make to satisfy their wants and needs with a limited supply of resources.

• The study of historical events and their impact on society.

• The study of natural environments and their conservation.

Which statement accurately describes human wants and resources?

• Human wants are limited, but resources are unlimited.

• Both human wants and resources are unlimited.

• Human wants are unlimited, while resources are limited.

• Both human wants and resources are limited.

What is the difference between a good and a service?

• A good is an action provided to us, while a service is a physical product.

• A good is a physical product we can hold and touch, while a service is an action provided to us.

• Both goods and services are physical products.

• Both goods and services are actions provided to us.

In economics, what is a resource?

• Anything that is consumed by people.

• Anything used to get or create goods and services.

• Only natural materials found in the environment.

• Only money and financial assets.

What concept drives economic decisions in society?

• Abundance, as there are always enough resources for everyone.

• Scarcity, due to limited resources meeting unlimited wants.

• Competition, as businesses always try to outperform each other.

• Innovation, as new technologies constantly emerge.