What is Economics

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Understanding Economics Quiz

Test your knowledge of economics with this engaging quiz! Explore concepts that form the backbone of this essential social science, from scarcity and opportunity cost to the factors of production and human needs.

Answer a series of questions on key economic principles.
Ideal for students, educators, and anyone interested in the field of economics.
Enhance your understanding of how economic theories apply in real-world scenarios.

13 Questions3 MinutesCreated by AnalyzingData101

Which of these is a social science

Studies of people and how they solve their own problems

Studies of people in society and how they interact with each other

Studies of people and how they evolve

None of the above

Economics is

A study of rationing systems

The study of the problem of using available factors of production as efficiently as possible so as to attain the maximum fulfillment of society's unlimited demand for goods and services

The science that studies human behavior as a relationship between ends and scarce resources which have alternative uses

All of the above

What should be produced, how should things be produce and who should things be produced for are the three basic economic problems

True

False

An economic good is defined as

Any good that is not limited in supply

Any good that has a price and is not being rationed

Any good that has a price and is being rationed

None of the above

The next best alternative foregone when an economic decision is made is known as

Economic good

Substitution

Decision making

Opportunity cost

Examples of needs are

Food, cellphone, clothing,

Clothing, food, shelter

Car, food, jewelry

Food, clothing, entertainment

Land, labor, capital and management are examples of

The economic risks

Factors of supply

Economic decisions

Factors of production

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What is Economics

Understanding Economics Quiz

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