Question

21. Which description best defines the field of economics?

the study of the four factors of production
the study of how nations decide what to produce
the study of how people use scarce resources to meet unlimited wants
the study of opportunity costs

22. Which of the following is not a factor of production?

capital
entrepreneurship
labor
production possibilities

23. What is the most important factor in an economic decision?

incentives
marginal costs and benefits
opportunity costs
trade-offs

Answer 1

21) the study of how people use scarce resources to meet unlimited wants
22) production possibilities

Answer 2

i'm not too sure of 23

Answer 3

but if i had to make an educated guess the answer would be incentives

Answer 4

21 i agree with zapher
22 is definitely production possibilities
23 i would say trade-offs

Answer 5

Thank you both so much!!!!:)

Answer 6

You're welcome. ^^