Question

Economics refers to: ☐The science and scarcity of choice ☐Economic decision making ☐How to maximize the...

Economics refers to:

  1. ☐The science and scarcity of choice
  2. ☐Economic decision making
  3. ☐How to maximize the use of scarce resources
  4. ☐All of the above

According to Adam Smith:

  1. ☐People acted according to their own self-interest
  2. ☐People needed the government to intervene
  3. ☐People were divided into 2 economic classes
  4. ☐None of the above
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer (1) All of the above

Economics refers to science which deals with production,distribution and consumption of goods.It deals with the scarcity,the study of how to use resources wisely or proper utilisation of resources.It is a study of decision-making ,regarding use of resources.Maximization of scarce resources as natural resources take a lot of time,effort,money,so it should be used in an efficient manner.

Answer (2) People acted according to their own self-interest-As according to Adam Smith by giving liberty people started producing and exchanging goods for their own self interest,their started free trade,opening the market for the foreign and domestic trading.

----‐---------------------------------‐------------------------------------------------------

Thanks

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
please read and answer questions down below thank you Economics is a social science. It deals...
please read and answer questions down below thank you Economics is a social science. It deals with people’s behavior. As sociology, psychology and politics, economics is the study of human action. It shows individuals acting and doing some particular things or undertaking specific activities.                                         Economics studies how people and societies allocate scarce resources to produce goods and services, to distribute these goods and services, and to consume them in order to satisfy unlimited wants. So, in economics, we are...
According to our reading, what does the term Command Economy mean? Multiple Choice A. It refers...
According to our reading, what does the term Command Economy mean? Multiple Choice A. It refers to a situation where a few people in government are directing the entire economy. B. It refers to the CEOs, venture capitalists, and senior management. In other words it's referring to those who have the power to make business decisions. C. None of the above. D. It refers to the fact that people have more economic power versus the government.
[1] The basic problem that gives rise to the study of economics is the need to:...
[1] The basic problem that gives rise to the study of economics is the need to: A) control the effects of actions by foreign governments. B) be sure all the goods and services produced in an economy get sold. C) use scarce resources to satisfy people's unlimited material wants and needs. D) control people's tastes and wishes so that the available resources can produce all the goods and services they want. [2] Economics is concerned with: A) earning as much...
1) Fill in the blank: Economics is the study of ________ and its ________. A) greed;...
1) Fill in the blank: Economics is the study of ________ and its ________. A) greed; desirable consequences B) choice; unintended consequences C) money; financial consequences D) competition; legal consequences 2) Economics is the study of A) Why people are greedy. B) Why the government is ruining our lives. C) Why the Dow Jones Industrial Average moves around. D) The choices people make when confronted with scarcity. 3) Economic theory assumes people want A) material goods primarily. B) money in...
1) Because resources are scarce relative to human wants, economics is best described as 1) A)...
1) Because resources are scarce relative to human wants, economics is best described as 1) A) the science of allocating productive resources fairly. B) a science of choice. C) the science of allocating goods and services fairly. D) the set of natural laws that govern human behavior in the face of adverse conditions. 2) Labor economics is studied as a distinct subfield of economics because 2) A) the bulk of national income is received by labor. B) the concepts of...
This is a 4 part question. There are 4 multiple choice questions. Please answer each one....
This is a 4 part question. There are 4 multiple choice questions. Please answer each one. 1. Effective cooperation in an economy characterized by extensive specialization requires above all else: A Price Controls B Flexible government controls C Highly trained economists to fine tune the economy D High unemployments to stem inflation E A Rapid Exchange of information 2. The "miracle" of the market, as addressed in your text, refers to the fact that countless goods and services of great...
1 Which of the following best defines the subject of economics? Your answer A the art...
1 Which of the following best defines the subject of economics? Your answer A the art of making money B the study of choices that businesses make to maximize profit d C the science that studies unemployment, inflation, and economic stability D the study of choices made to cope with scarcity 2 " Over the long term inflation is less a problem than unemployment" is an example of : answer A A positive statement B A statement that could never...
9. Gains from trade arise because of: marginal analysis. specialization in consumption. specialization in production. individual...
9. Gains from trade arise because of: marginal analysis. specialization in consumption. specialization in production. individual choice. 10. If equilibrium exists: there will be no remaining opportunities for individuals to make themselves better off. the price in that market will not fluctuate by more than 5%. the number of buyers will equal the number of sellers. all individuals must have an equal amount of income. 11. Economists believe that resources should be used as efficiently as possible to: achieve society's...
Answer True or False: 1. Classification criteria for economic system include decision-making systems, mechanisms for information...
Answer True or False: 1. Classification criteria for economic system include decision-making systems, mechanisms for information and coordination, incentive structures, property rights, and mechanisms for public choices. 2. All economic systems can be classified as market capitalism or centrally planned socialism. 3. Generally speaking, transition economies emerging from the former Soviet Union have done least well with transition, while those of Central and Eastern Europe have done the best. 4. Capitalism relies primarily on material incentives, while planned socialism and...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods to those in need. [2] Dealing with affluence in a morally bankrupt world. [3] Using scarce resources to satisfy unlimited human wants. [4] Reducing human wants to eliminate the problem of scarcity. 2. Computer software represents [1] labour. [2] land. [3] capital. [4] entrepreneurship. 3. Suppose you have graduated with a degree in accounting and are offered a job with an accounting firm. But...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT