Applied Econ

Question 1

Refers to social science that deals with the efficient and effective allocation of limited resources of government, businesses and individuals. It focuses with the effectiveness of producing distributing and consuming of products.

Answer 1

Economics

Question 2

refers to the state of being short on resources in order to satisfy the limitless needs and desires of a citizen..

Answer 2

Scarcity

Question 3

It is something that you must have in order to survive For example, basic needs like air, food, water, shelter, sleep.

Answer 3

Needs

Question 4

It is something that we desire but unimportant in daily life. For example, mobile phone, laptop, jewdries car etc.

Answer 4

Wants

Question 5

The two types of scarcity namely:

Answer 5

Relative scarcity
Absolute Scarcity

Question 6

a resource that are limited to sdisty infinite demand

Answer 6

Relative scarcity

Question 7

when resource are short in supply.

Answer 7

Absolute Scarcity

Question 8

refers to the foregone benefit or valve •that would have been obtained by choosing an alternative over another. Alternatively, some of us call this as the tradeoff. Trade off refers to a situation where you have to make a decision over another in order to have more beneficial result.

Answer 8

Opportunity cost

Question 9

refer to the resources consumed in production in order to make product and services. “In layman’s term, they are inputs used for the production procas

Answer 9

Economic resources

Question 10

Study of people in the organization or society and how prople behave and influene the world. that sorround them

Answer 10

Social science

Question 11

principle in economics whic analyze how people create and execute choices in distributing limited resources for the satisfaction of limilitless wants and nuds based on their social behav

Answer 11

Economics as social science

Question 12

is the use of scientific method and knowledge in order to archieve practical of effective result to be used in decision making.

Answer 12

Applied science

Question 13

refers to the use of economics concepts and theories and their application in real life scenarios and conditions.

Answer 13

Economics as applied science

Question 14

The economic resources

Answer 14

Land labor capital

Question 15

Two divisions of economics

Answer 15

Marcoeeconomics and microeconomics

Question 16

division of economics that is concerned with the studies how an overall performances of the entire economy behaves. Macroeconomics attempts to quantify the performance of the entire economy in differen aspects

Answer 16

Macroeconomics