How people and society make choices about using scarce resources that have alternative uses. | Card: 2 / 30 |
True or False: Production is the direct use of goods and services to satisfy needs. | Card: 5 / 30 |
False. Production is the process of converting inputs into goods and services. Consumption is the direct use. | Card: 6 / 30 |
Which activity involves expenditure by producers to acquire future income-generating assets? | Card: 7 / 30 |
True or False: Economic activities only include the production of goods and services. | Card: 15 / 30 |
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False. Economic activities include production, distribution, and consumption of goods and services. | Card: 16 / 30 |
Because limited resources can be used differently, creating the need to make choices. | Card: 18 / 30 |
Which is NOT a function of statistics in economics? | Card: 21 / 30 |
True or False: Statistics deals with individual cases rather than groups or aggregates. | Card: 25 / 30 |
A farmer can grow food crops or cotton on the same land. What economic concept does this illustrate? | Card: 27 / 30 |






