The Three Questions of Economics

Question 1

productionconsumptionusageexpenditures

Revolt · Accepted Answer

production

Question 2

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

Revolt · Accepted Answer

not meeting the wants of its consumers

Question 3

Resources needed to provide goods or services are called

Revolt · Accepted Answer

factors of production.

Question 4

Which factors are considered when deciding how to make goods and services? Choose three answers.determining who has the greatest needfinances of prospective buyersmethods traditionally used to make goodsways to produce items at a lower cost or higher qualityways to make the biggest profit

Revolt · Accepted Answer

methods traditionally used to make goods; ways to produce items at a lower cost or higher quality; ways to make the biggest profit

Question 5

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

Revolt · Accepted Answer

Who has the greatest need?

Question 6

Which of the following best illustrates the importance of addressing the three questions of economics?

Revolt · Accepted Answer

Businesses need to use limited resources wisely.

Question 7

One of the main questions of economics involves deciding upon the method for

Revolt · Accepted Answer

creating goods and services.

Question 8

One of the three economic questions deals with deciding

Revolt · Accepted Answer

what goods and services should be produced.

Question 9

Which of the following is an example of a capital resource?

Revolt · Accepted Answer

machinery

Question 10

One of the three main questions of economics addresses who should

Revolt · Accepted Answer

receive goods and services.

The Three Questions of Economics Answers

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