FHCE 3100 FINAL EXAM MOORMAN| 425 Questions| With Complete Solutions
Ch 1 Consumers in a changing world Economics correct answer: - the study or science of production, distribution, and consumption -the study of how society manages its scarce resources Goldsmith's definition of economics correct answer: Economics is the study or science of production, distribution, and consumption Miller's definition of economics correct answer: Economics is the study of how society manages its scarce resources Consumer Economics Definition correct answer: the study of how people deal with scarcity, fulfill needs, and select among alternative goods, services, and actions. Goldsmith, Elizabeth B.. Consumer Economics: Issues and Behaviors (Kindle Location 336). Taylor and Francis. Kindle Edition. Society and Scarce Resources correct answer: -The management of society's resources if important because resources are scarce -Scarcity implies choice and choice implies cost Scarcity correct answer: -society has limited resources and therefore cannot produce all the goods and services people wish to have -Not enough resources are available to satisfy one's nee
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