1.1 - Why Economics?
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Practice Questions
Test your understanding with targeted questions
Define scarcity in your own words.
💡 Hint: Think about what happens when resources are limited.
List one example of consumption.
💡 Hint: Consider daily purchases you make.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the definition of economics?
💡 Hint: Recall the exact wording by Alfred Marshall.
True or False: Scarcity is not a major concern in economics.
💡 Hint: Think about why we need economics in the first place.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Discuss the implications of scarcity in a developing country. How does it affect both consumer behavior and production capacity?
💡 Hint: Consider economic policies that might arise due to scarcity.
Critically evaluate how statistics can both assist and mislead economic policy making. Give examples where data misrepresentation harmed decisions.
💡 Hint: Think about real-world case studies where statistics were disputed.
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