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Economics and Previous Edition Essay

Answer: Scarcity implies that people cannot have everything they want. This implies that ways must be found to determine which of the many goods that people want will actually be produced. Further, since any person cannot have everything he or she wants, the person must decide which specific things to acquire. That is, the person must make choices. Dif 2 6) What is economics and what does it try to explain? Answer: Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. Therefore, it is the study of how people make choices.

Economics tries to explain real-world behavior, especially as it relates to interactions of people confronting scarcity. Dif 1 1. 2 Defining Economics 1) Economics is best defined as the A) study of how people make choices to satisfy their wants. B) study of individual self-interests. C) study of how government can most efficiently raise funds by taxation. D) process by which goods are sold in free markets. Topic: 1. 2 Defining Economics 2) Economics can be described as the study of how people use resources to satisfy wants. A) unlimited; unlimited B) unlimited; limited C) limited; unlimited D) limited; limited

Answer: C 3) Which statement most accurately defines economics? A) Economics is the study of how people make money. B) Economics is the study of how people make choices to satisfy their wants. C) Economics is the study of values a society should choose. D) Economics is the study of how to eliminate scarcity. Answer: B 4) In economic analysis, people’s resources are A) limited and their wants are unlimited. B) unlimited and their wants are also unlimited. C) limited and their wants are also limited. D) unlimited and their wants are limited. 5) In economics, items that are used to produce goods and services are known as A) ants.

B) aggregates. C) factors of need. D) resources. 6) In economics, all the items that people would consume if they had unlimited income are known as A) wants. C) outputs. D) needs. B) resources; wants C) money; ideas D) ideas; money Question Status: New 8) Economics is the study of how A) people make money. B) preferences are determined. C) psychology influences preferences.. D) people make choices. 9) A fundamental aspect of economics is to A) ensure that every firm makes a profit. B) analyze how choices are made. C) satisfy all our wants. D) make sure that our resources will always be unlimited.

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