APPLIED ECONOMICS

Question 1

Most democratic form of economic system. Based on the workings of the demand and supply.

Answer 1

MARKET ECONOMY

Question 2

The owner of the capital earns an income called_____.

Answer 2

INTEREST

Question 3

An Authoritative System. Decision-making is centralized in the government. Holds true in dictatorial, socialist, and communist nations.

Answer 3

COMMAND ECONOMY

Question 4

The social science that involves the use of scarce resources to satisfy unlimited wants.

Answer 4

ECONOMICS

Question 5

He described economics as a study of mankind in ordinary business of life.

Answer 5

ALFRED MARSHALL

Question 6

Man-made resources used in production of goods and services. (Machineries and Equipment)

Answer 6

CAPITAL

Question 7

The three economic resources are:

Answer 7

LAND, LABOR, AND CAPITAL

Question 8

Soil and natural resources that are found in nature and not man-made.

Answer 8

LAND

Question 9

The income received by labors is referred to as______.

Answer 9

WAGE

Question 10

Decisions are made based on practices upheld over the years. The methods are Stagnant and therefore not progressive.

Answer 10

TRADITIONAL ECONOMY

Question 11

The three economic systems are:

Answer 11

TRADITIONAL ECONOMY, COMMAND ECONOMY, AND MARKET ECONOMY

Question 12

Physical and human effort to produce goods and services. Includes manual workers, machine operators, production workers, and professionals.

Answer 12

LABOR

Question 13

Concerned with the behavior of individual entities such as the consumer, the producer, and the resource owner.

Answer 13

MICROECONOMICS

Question 14

The reason why people have to practice economics. There are insufficient resources to satisfy all the needs and wants of a population.

Answer 14

SCARCITY

Question 15

Land owners receive payment known as____.

Answer 15

RENT

Question 16

Concerned in overall performance of the entire economy. It also studies economic system as a whole rather than individual economics.

Answer 16

MACROECONOMICS

Question 17

A good is scarce because of the circumstances (ex. typhoon) that surrounds the availability of the goods.

Answer 17

RELATIVE SCARCITY

Question 18

2 Branches of Economics

Answer 18

MACROECONOMICS AND MICROECONOMICS

Question 19

The mean through which the society determines the answer to the basic economic problems.

Answer 19

ECONOMIC SYSTEMS

Question 20

The study of society and how people behave and influence the world around them.

Answer 20

SOCIAL SCIENCE

Question 21

Also known as factors of production. The resources used to produce goods and services.

Answer 21

ECONOMIC RESOURCES

Question 22

When supply is limited and we rely heavily on imports.

Answer 22

ABSOLUTE SCARCITY