The Three Questions of Economics

Question 1

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

Revolt · Accepted Answer

cow

Question 2

productionconsumptionusageexpenditures

Revolt · Accepted Answer

production

Question 3

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 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

One of the three economic questions deals with deciding

Revolt · Accepted Answer

what goods and services should be produced.

Question 6

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 7

Resources needed to provide goods or services are called

Revolt · Accepted Answer

factors of production.

Question 8

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

Revolt · Accepted Answer

machinery

Question 9

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

Revolt · Accepted Answer

creating goods and services.

Question 10

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?

The Three Questions of Economics Answers

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