Question
1.Economics deals primarily with the concept of
2. The overriding reason why households and societies face
many decisions is that
3. A society allocates its scarce resources to various jobs.
These scarce resources include
4. When a society cannot produce all the goods and services
people wish to have, it is said that the economy is experiencing
5. Economics is the study of
6. In most societies, resources are allocated by
7. What term refers to the property that society has limited
resources and therefore cannot produce all the goods and services
people wish to have
8. The phrase “no such thing as a free lunch” means
9. Billie Jean has $120 to spend and wants to buy either a
new amplifier for her guitar or a new mp3 player to listen to music
while working out. Both the amplifier and the mp3 player cost $120,
so she can only buy one. This illustrates the basic concept that
10. When society requires that firms reduce pollution, there
is
11. Efficiency means that
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