Chapter 1 - Basic economic problem and factors of production

Question 1

What is economics?

Question 2

What is the difference between needs and wants?

Question 3

What are goods and services?

Question 4

What are products?

Question 5

Name and define the factors of production, and what is the factors of production?

Question 6

What is the rewards for these factors of production and which ones are active and which are passive?

Question 7

Differentiate between free goods and economic goods.

Question 8

What is opportunity cost?

Question 9

What is the difference between occupational mobility and geographical mobility? What is factor mobility and what is the importance of it?

Question 10

How mobile are all the factors of production? Describe in terms of occupational and geographical mobility.

Question 11

What are examples of quantitative and qualitative increase of the factors of production?

Question 11

What is the result of an increase in the output of the economy?

Question 12

What are the main decision-makers?

Question 13

What is the production possibility curve and what are its assumptions?

Question 14

What is the reason for an increasing opportunity cost making a PPC convex to origin?

Question 15

What does it mean if a point is inside or outside the PPC?

Question 16

What is economic growth?

Question 17

REFER TO QUESTIONS IN PPT, PAST PAPERS AND WORKSHEETS PLS!!!!!!