WEEK 1

Question 1

is a condition where there are insufficient resources to satisfy needs and wants of a population.

Answer 1

Scarcity

Question 2

It is the result of people having “Unlimited Wants and Needs,” or always wanting something new, and having “Limited Resources.”

Answer 2

Scarcity

Question 3

___means that there are never enough resources, or materials, to satisfy, or fulfil, the wants and needs that every person have.

Answer 3

Limited Resources

Question 4

is the insufficiency or inadequacy of economic resources and as a result, we have to decide and choose.

Answer 4

Scarcity

Question 5

Consumer can spend money twice.
T/F

Answer 5

FALSE

Question 6

Producers cannot use resources again
once they are used up.
T/F

Answer 6

TRUE

Question 7

the exchange or choosing between alternative.

Answer 7

Trade-off

Question 8

is the value or cost of the next best forgone choice/alternative

Answer 8

Opportunity Cost

Question 9

Economics comes from Greek words
Oikos – “______”
nomus – “______”
Oikonomia or Oikonomus – “____” “_____”

Answer 9

-HOUSEHOLD
-SYSTEMS OF MANAGMENT
-MANAGEMENT OF HOUSEHOLD, STATE MANAGMENT

Question 10

Economics is the
art of ____

Answer 10

decision making

Question 11

is the study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants

Answer 11

Economics

Question 12

can cover several areas of discussion including business, finance wealth, recession, and taxes.

Answer 12

Economics

Question 13

is the study or discipline that aims to explain human behavior what comes to mind are the social interactions happening among people living in a certain environment.

Answer 13

Social Science

Question 14

studies human behavior just like psychology and sociology.

Answer 14

Social Science

Question 15

studies how individual make choice in allocating scarce resources to satisfy their unlimited wants.

Answer 15

Social Science

Question 16

A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes.

Answer 16

Applied Science

Question 17

Economic Resources / Factors of Production

Answer 17

-Land
-Labor
-Capital
-Entrepreneurship

Question 18

this includes any natural resource used to produce goods and services.

Answer 18

Land

Question 19

The income that resource owners earn in return for land resources is called

Answer 19

RENT.

Question 20

is the effort that people contribute to the production of goods and services.

Answer 20

Labor

Question 21

The income earned by labor resources is called

Answer 21

WAGES.

Question 22

Think of ___ as the machinery, tools and buildings humans use to produce goods and services.

Answer 22

Capital

Question 23

The owner of capital earns an income called

Answer 23

INTEREST

Question 24

An ____ is a person who combines the other factors of production to earn a ___

Answer 24

entrepreneur
PROFIT.

Question 25

Major Divisions of Economics

Answer 25

Macroeconomics Microeconomics

Question 26

focuses on the actions of individual agents within the economy, like households, workers, and businesses

Answer 26

Microeconomics

Question 27

looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports.

Answer 27

Macroeconomics