M1-L1: Nature of Economics

Question 1

Study of the entire health care economy.

Answer 1

Macroeconomics

Question 2

Study of the individual units of health care economy.

Answer 2

Microeconomics

Question 3

Tangible products.

Answer 3

Goods

Question 4

Intangible Products

Answer 4

Services

Question 5

Provides direct satisfaction.

Answer 5

Consumer Goods

Question 6

Use to produce other goods.

Answer 6

Capital Goods

Question 7

Things that we can live without (nonessential).

Answer 7

Luxury Products

Question 8

Things that we cannot live without (essential).

Answer 8

Basic Products

Question 9

Has attached value (market price).

Answer 9

Economic Goods

Question 10

Free, for everybody’s consumption.

Answer 10

Non-economic Goods

Question 11

Provided for by the government.

Answer 11

Public Goods

Question 12

Produced by businessmen/ entrepreneurs.

Answer 12

Private Goods

Question 13

Individuals who purchase and use the finished products.

Answer 13

Consumers

Question 14

Manufacturers and sellers of finished products.

Answer 14

Producers

Question 15

Regulates the actions of consumers and producers.

Answer 15

Government

Question 16

Buyer of excess products and seller of limited products.

Answer 16

International Market

Question 17

Natural resources.

Answer 17

Land

Question 18

Payment for the use of land.

Answer 18

Rent

Question 19

Human resources.

Answer 19

Labor

Question 20

Payment for labor.

Answer 20

Wage/Salary

Question 21

Machines and equipment (man-made).

Answer 21

Capital

Question 22

Payment for the use of capital.

Answer 22

Interest/Depreciation

Question 23

Person who combines the other economic resources.

Answer 23

Entrepreneur

Question 24

Return of investment.

Answer 24

Profit

Question 25

Very primitive, very backward, does not allow change.

Answer 25

Traditional Economy

Question 26

The government owns/controls the economic resources.

Answer 26

Command Economy

Question 27

Resources are privately owned and decisions are made by the people.

Answer 27

Market Economy