Economics: Definition & Universal Goals


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question 1 of 3

What standard of equity of distribution would you expect a businessman to want to follow?

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1. What standard of income distribution would you expect a poor single mother to want to follow?

2. Economics is the study of _____ .

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About This Quiz & Worksheet

This quiz and worksheet will gauge your understanding of the definition and goals of economics. The quiz will also assess your comprehension of concepts like the standard of equity of distribution.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Identify the standard of income distribution in a given scenario
  • Define economics
  • Point out the best demonstration of technical efficiency among given circumstances
  • Recognize the focus of microeconomics

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension: ensure that you draw the most important information from the related lesson on the goals of economics
  • Critical thinking: apply relevant concepts to examine information about microeconomics in a different light
  • Defining key concepts: ensure that you can accurately define main phrases, such as standard of equity of distribution

Additional Learning

To learn more about the field of economics, view the related lesson called Economics: Definition & Universal Goals. It covers the following objectives:

  • Define allocative efficiency
  • Identify technical efficiency
  • Understand equity
  • Define contributive standard, equality standard and needs standard