man as an economic animal

Question 1

What are the three specific needs?

Answer 1

food shelter clothing

Question 2

activities that satisfy our needs are often referred to as

Answer 2

economic activities

Question 3

why are humans considered economic animals

Answer 3

because they make choices to maximise their well-being and satisfy their wants and needs

Question 4

what is direct production?

Answer 4

when a company produces what they need without relying on another organization

Question 5

what is direct production?

Answer 5

when persons meet their needs without the help of others and without money

Question 6

subsistence economy

Answer 6

an economy that is not based on money, in which people produce food, shelter, and clothing for their own use without buying and selling though they may barter

Question 7

surplus

Answer 7

the amount of an asset or resource that exceeds the portion that’s actively utilized and there is more supply than demand