Economics

Question 1

Refers to social science that deals with the efficient and effective allocation of limited recources of government, businesses and individuals. It focuses with the effectiveness of producing, contributing and consuming of products

Answer 1

Economics

Question 2

Refers to the state of being short on resources in order to satisfy the limitless needs and desires of a citizen.

Answer 2

Scarcity

Question 3

It is something that you must have in order to survive. For example, basic needs like air, food, water, shelter, sleep etc.

Answer 3

Needs

Question 4

It is something that we desire but unimportant in daily life. For example, mobile phone, laptop, jewelries, car etc

Answer 4

Wants

Question 5

Two types of scarcity:

Answer 5

Relative Scarcity
Absolute Scarcity

Question 6

A resource that are limited to satisfy infinite demand

Answer 6

Relative Scarcity

Question 7

Refers to the fore gone benefit or value that would have been obtained by choosing an alternative over another. Alternately, some of us call this as the trade off

Answer 7

Opportunity Cost

Question 8

Refers to a situation where you have to make a decision over another in order to have more beneficial result

Answer 8

Trade off

Question 9

Refers to the resources consumed in production in order to make products and services. “in layman’s term they are inputs used for the production process

Answer 9

Economic Resources

Question 10

3 economic resources:

Answer 10

Land, Labor, Capital

Question 11

Study of people in the organization or society and how people behave and influence the world that surrounds them

Answer 11

Social Science

Question 12

A principles in economic which analyze how people create and execute choices in distributing limited resources for the satisfaction of limitless wants and needs based on their social behavior

Answer 12

Economics as social science

Question 13

Is the use of scientific method and knowledge in order to achieve practical or effective result to be used in decision making

Answer 13

Applied science

Question 14

Refers to the use of economic concepts and theories and their application in real life scenarios and conditions

Answer 14

Economics as applied science

Question 15

Two division of economics:

Answer 15

Macroeconomics
Microeconomics

Question 16

Division of economic that is concerned with the studies how an overall performance of the entire economy behaves,attempts to quantify the performance of the entire economy in different aspects.

Answer 16

Macroeconomics

Question 17

Division of economics that studies the implications of decisions each individuals and firms and how it affects the utilization and allocation of limited resources. It also focuses on relativity or response of every individuals to change in prices, allocation of resources and method of production

Answer 17

Microeconomics

Question 18

The fundamental problem in economic is the satisfaction of limitless wants and needs and dealing with the limited and scarce resources

Answer 18

Basic problems of society

Question 19

Main issues are:

Answer 19

What to produce and how much
How to produce
For whom to produce

Question 20

This is how the society responds to the basic economic problems. This could be a simple or complex structure of how the society produce, allocate limited resources and distribute goods and services

Answer 20

Economic system

Question 21

It is a system where decision relies on conventions, observances, history and practice of beliefs. This is a system where the tradition is the model in executing economic choices including manners of methods on producing allocating and distributing products like goods and services

Answer 21

Traditional economy

Question 22

This is the kind of system where the basic economic problems are weighed on the shoulders of the government. The state or agency of government. The state or maybe in charge in the allocation of resources by using its political in answering the basic economic problems

Answer 22

Command economy

Question 23

This is the kind of system where the choices on what to produce, how to produce or whom to produce is weigh on the shoulders of the consumers and producers. This is not absolute due to uncertainties like calamities and national emergencies

Answer 23

Market economy

Question 24

When resources are short in supply

Answer 24

Absolute scarcity

Question 25

3 economic system

Answer 25

Traditional economy
Command economy
Market economy