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FSS - ECONOMICS > F3 - SEM1 - What is Economics? - 1A > Flashcards

F3 - SEM1 - What is Economics? - 1A Flashcards

1
Q

What is Economics?

1A. What is Economics?

A

the study of human behaviors in using their limited resources to satisfy unlimited wants

What is Economics

1A. What is Economics?

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2
Q

What are the 2 major issues in economics?

1A. What is Economics?

A
  • Resource allocation
  • income distribution

1A. What is Economics?

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3
Q

Making choice is a natural science or social science?

1A. What is Economics?

A

social science

1A. What is Economics?

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4
Q

What is basic assumption of Economics?

1A. What is Economics?

A

Scarcity

1A. What is Economics?

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5
Q

What is scarcity?

1A. What is Economics?

A

the state where resource are limited and insufficient to satisfy unlimited human wants
it is a relative concept - we want more than we have / resources are scarce relative to people’s wants

1A. What is Economics?

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6
Q

What is resources?

1A. What is Economics?

A

Resources are used to product goods and services which can satisfy human wants
Resources are insufficient to satisfy human wants

1A. What is Economics?

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7
Q

Select Scaricity / No Scarcity / Uncertain for below conditions

  1. have wants, have resources
  2. no wants, have resources
  3. have wants, no resources
  4. no wants, no resources

1A. What is Economics?

A
  1. Uncertain
  2. no scarcity
  3. scarcity
  4. no scarcity

1A. What is Economics?

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8
Q

True or False

Economics is a study about how to get rich?

1A. What is Economics?

A

**False
Economics is a study of human behaviors in using their limited resources to satisfy unlimited wants

1A. What is Economics?

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9
Q

True or False

Scarcity does not apply to Li Ka Shing

1A. What is Economics?

A

False

1A. What is Economics?

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10
Q

True or False

Scarcity does not apply to the rich countries in the world

1A. What is Economics?

A

False

1A. What is Economics?

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11
Q

True or False

Scarcity exists when there is human wants

1A. What is Economics?

A

False
Scarcity exists when there is human wants AND limited resources

1A. What is Economics?

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12
Q

True or False

Scarcity exists when resources are limited

1A. What is Economics?

A

False
Scarcity exists when there is human wants AND limited resources

1A. What is Economics?

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13
Q

True or False

Scarcity does not exist when no people want it

1A. What is Economics?

A

True

1A. What is Economics?

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14
Q

True or False

Scarcity does not exist in a one-man economy

1A. What is Economics?

A

False

1A. What is Economics?

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15
Q

True or False

Give limited resources / unlimited wants many not imply the existence of scarcity

1A. What is Economics?

A

True

1A. What is Economics?

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16
Q

Which of the following statements about scarcity is correct?

A. Scarcity implies that all goods and services are economic goods
B. Scarcity exists when we have wants
C. Scarcity means that no goods can be satisfy human wants
D. Scarcity exists even if one person is alive

1A. What is Economics?

A

D
Scarcity exists when there is human wants AND limited resources

1A. What is Economics?

17
Q

Which of the following about scarcity is correct?

A. Only poor people face scarcity
B. Scarcity exists because human wants are limited
C. Scarcity exists because the supply of resources is fixed
D. People have to make choice because of scarcity

1A. What is Economics?

A

D
When there is scarcity, we have to make choices

1A. What is Economics?

FSS - ECONOMICS (10 decks)

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