Exam

Question 1

Is a social science concerned with using scarce resources to obtain the maximum of the unlimited wants of society.

Answer 1

Economics

Question 2

the limited nature of resources, which underlies the basic economic problem

Answer 2

Scarcity

Question 3

the problem of having unlimited wants, but limited resources to satisfy them

Answer 3

Economic resources

Question 4

came from nature that are used in production, including land, raw materials, and natural process

Answer 4

Natural resources

Question 5

the processed materials, equipment, and buildings used in production

Answer 5

Capital resources

Question 6

the efforts of people involved in production, including labour and entrepreneurship

Answer 6

Human resources

Question 7

the essentials of life, such as food and shelter

Answer 7

Needs

Question 8

desires for non-essential items

Answer 8

Wants

Question 9

Is a condition where there are insufficient resources to satisfy all the needs and wants of a population.

Answer 9

Scarcity

Question 10

described economics as study of mankind in the ordinary business life. It examines part of the individual and social action that is most connected with the attainment and use of material requisites of well-being.

Answer 10

Alfred marshall

Question 11

Is when a good is scarce compared to its demand.

Answer 11

Relative scarcity

Question 12

is when supply is limited.

Answer 12

Absolute scarcity

Question 13

Refers to the value of the best foregone alternative.

Answer 13

Opportunity cost

Question 14

What is the 3 Economic resources

Answer 14

Land labor capital

Question 15

Soil and natural resources that are found in nature and are not manmade.Owners of lands receive payment known for rent.

Answer 15

Land

Question 16

Physical and human effort exerted in production. It covers manual workers like construction workers, machine operators and production workers, as well as professionals like nurses, lawyers and doctors.

Answer 16

Labor

Question 17

Man-made resources used in the production of goods and services which include machineries and equipment. The owner of capital earns an income called interest

Answer 17

Capital

Question 18

2 branches of economics

Answer 18

Macroeconomics microeconomics

Question 19

is a division of economics that is concerned with the overall performance of the entire economy.

Answer 19

Macroeconomics

Question 20

Studies the decision and choices of the individual units and how these decisions affect the prices of goods in the market. It also concerned with the process of setting prices of goods that is also known as Price Theory.

Answer 20

Microeconomics

Question 21

ECONOMICS IS A STUDY OF ECONOMIC ACTIVITIES OF A MAN. IT IS ONLY CONCERNED WITH THE WEALTH-GETTING AND WEALTH-USING ACTIVITIES OF A MAN

Answer 21

Prof marshall

Question 22

The term “applied economics” is believed to have started 200 years ago in the writings of two economists:

Answer 22

Jean baptiste say , John stuart mill

Question 23

is the study of economics in relation to real world situations. It is the application of economic principles and theories to real situations, and trying to predict what the outcomes might be.

Answer 23

Applied economics

Question 24

is the study of observing how theories work in practice.

Answer 24

Applied economics

Question 25

is the application of statistical and mathematical theories to economics for the purpose of: Testing hypotheses Forecasting future trends

Answer 25

Econometrics

Question 26

3 economic systems

Answer 26

Command economy, traditional economy, market economy

Question 27

Decisions are based on traditions and practices upheld over the years and passed on from generation to generation.

Answer 27

Traditional economy

Question 28

This is the authoritative system wherein decision-making is centralized in the government or a planning committee.

Answer 28

Command economy

Question 29

This is the most democratic form of economic system. Based on the workings of demand and supply, decisions are made on what goods and services to produce

Answer 29

Market economy

Question 30

Basic economic problem

Answer 30

What to produce and how much How to produce For whom to produce