MGEA02H3 Study Guide - Final Guide: Spring Break

In most societies resources are allocated by:

1. a single central planner.

2. a small number of central planners.

3. those firms that use resources to provide goods and services.

4. the combined actions of millions of households and firms.

In most societies, resources are allocated by

1. a single central planner.

2. a small number of central planners.

3. those firms that use resources to provide goods and services.

4. the combined actions of millions of households and firms.

Economics is the study of how society manages its

a. scarce resources

b. large corporations

c. business laws

d. government policies