Multiple Choice
In the context of economics, societies are faced with three basic questions regarding the production of goods. Which of the following correctly identifies these three questions?
28
views
0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is one way that economics can influence your daily life?
A
It controls the laws of physics that affect your movement.
B
It decides your personal health without your input.
C
It determines the weather patterns in your area.
D
It helps you make decisions about how to spend your money.
Verified step by step guidance1
Understand that economics is the study of how individuals and societies allocate scarce resources to satisfy their wants and needs.
Recognize that economics does not influence natural phenomena such as the laws of physics or weather patterns, nor does it directly control personal health.
Focus on how economics relates to decision-making, especially regarding the allocation of limited resources like money, time, and effort.
Identify that one key way economics influences daily life is by helping individuals make informed choices about spending, saving, and budgeting their money.
Conclude that the correct statement is: economics helps you make decisions about how to spend your money.
Related Videos
Related Practice
Introduction to Economics practice set
Problem sets built by lead tutorsExpert video explanations