Social Economics and Scarcity

Question 1

Is the study of efficient allocations of different resources

Answer 1

Economics

Question 2

Government strategies that focus on monetary and fiscal policies

Answer 2

Political Science

Question 3

Study of individuals, households, and businesses

Answer 3

Microeconomics

Question 4

The study of the everything as a whole or something munch bigger in scale. Such -as national or global economics.

Answer 4

Marcoeconomics

Question 5

What are the Economic Schools of Thoughts

Answer 5

Classical, Keynesian, and Neoclassical

Question 6

Value of a good is determined by the cost of production

Answer 6

Theory of Value

Question 7

Who said the quote “Supply creates its own demand”

Answer 7

Jean Baptiste

Question 8

It is the collective individual decisions that aggregate social behavior

Answer 8

Rational Choice Theory

Question 9

Relationship between input (labor and capital)

Answer 9

Cobb-Douglas Equation

Question 10

It is when resources are assumed to be limited

Answer 10

Scarcity

Question 11

Are those that are products of nature or naturally occurring

Answer 11

Natural Resources

Question 12

What are the 5 renewable resources

Answer 12

Solar, Hydro, Biomass, Geothermal, and Wind

Question 13

What are the 4 Nonrenewable Resources

Answer 13

Oil, Natural Gas, Coal, and Nuclear Energy

Question 14

What are the two causes of Natural Scarcity

Answer 14

War and Natural Disasters