economics

Question 1

is a social science concerned with the explanation and prediction of observed phenomena in society, it is the study of what constitutes rational human behavior to fulfill needs and wants

Answer 1

economics

Question 2

comes from the Greek word outlined economics which means “household management”

Answer 2

oikanomia

Question 3

the social unit of people who live in a house

Answer 3

household

Question 4

a business organization that sells goods or services on a for-profit basis

Answer 4

firm

Question 5

the activity of making, providing, purchasing, or selling products or services

Answer 5

economic activity

Question 6

branches of economics

Answer 6

macroeconomics
microeconomics

Question 7

overall performance of the economy as a whole

Answer 7

macroeconomics

Question 8

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

Answer 8

microeconomics

Question 9

division of economics

Answer 9

production
distribution
exchange
consumption
public finance

Question 10

process of producing goods or creating goods

Answer 10

production

Question 11

distribution of goods and services to different economic channels for individual

Answer 11

distribution

Question 12

transferring goods and services to a person or return for something

Answer 12

exchange

Question 13

proper utilization of economic goods

Answer 13

consumption

Question 14

activities of the government regarding taxation, borrowing, and expenditure

Answer 14

public finance