Quiz 1

Question 1

Science of scarcity

Answer 1

Economics

Question 2

What is scarcity?

Answer 2

Unlimited wants and needs but limited resources

Question 3

Who is the father of macroeconomics?

Answer 3

John Keynes

Question 4

Who is the father of microeconomics?

Answer 4

Alfred marshall

Question 5

Who is the father of modern economics?

Answer 5

Adam smith

Question 6

Factors of production

Answer 6

Land
Capital
Labor
Entrepreneur

Question 7

End goal of economics

Answer 7

To satisfy the unlimited wants and needs of a consumer despite limited resources

Question 8

Who directs resources to achieve stated goals

Answer 8

Managers

Question 9

Describe labor intensive business

Answer 9

Heavy in manpower

Question 10

Describe capital. Intensive business

Answer 10

High finance

Question 11

Constraints

Answer 11

Prevents of achieving the goal

Question 12

Invisible hand

Answer 12

Hung pagcreate natin ng profit for ourselves ay nakakaapekto ng positive as pagsusupply sa needs ng consumers

Question 13

Free market

Answer 13

Minimal gov intervention Kasi sila nag Dedecide kung ano

Question 14

Incentive

Answer 14

Pang encourage sa subordiates para mas maging productive

Question 15

Who pioneered five forces of framework?

Answer 15

Michael porter

Question 16

What is five forces framework?

Answer 16

Competition and profitability of an industry

Question 17

What isthreat of new entry

Answer 17

More competition, more decrease in sale

Question 18

Input suppliers

Answer 18

Mas may power si supplier na magtaas ng profit or. Price kasi konnti lang ang provider

Question 19

Power of buyers

Answer 19

More sellers, more power to bargain the product at a lower price