The Three Questions of Economics

Question 1

Zahara is wondering how she will be able to afford her monthly tv streaming services, water bill, groceries, and cell phone bill. What economic concept concerns Zahara?

Revolt · Accepted Answer

economic needs and wants

Question 2

Failure to address the three questions of economics will have what kind of impact on an economy?

Revolt · Accepted Answer

It will have negative consequences.

Question 3

If a specific economy has extra capital resources available, it will

Revolt · Accepted Answer

be able to produce more goods and services needed and wanted by society.

Question 4

Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand?

Revolt · Accepted Answer

capital

Question 5

Which of the following best illustrates deciding how to produce a specific product?

Revolt · Accepted Answer

Should we produce jeans with expensive machinery or less expensive labor?

Question 6

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

Revolt · Accepted Answer

cow

Question 7

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

Revolt · Accepted Answer

a city’s population

Question 8

Resources needed to provide goods or services are called

Revolt · Accepted Answer

factors of production.

The Three Questions of Economics Answers

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