ECONOMICS

Question 1

It is a social science means studies of human behaviour.

Answer 1

ECONOMICS

Question 2

limited resources are allocated to meet the unlimited resources desired by the consumer

Answer 2

ECONOMICS

Question 3

CREATION OF PRODUCTS OR PROVISION OF SERVICES

Answer 3

RESOURCES

Question 4

FUNDAMENTAL ECONOMY CHALLENGE. LIMITLESS DESIRED

Answer 4

SCARCITY

Question 5

WHAT IS THE TWO ECONOMIC BEHAVIOUR?

Answer 5

SELF-INTEREST AND RATIONAL BEHAVIOUR

Question 6

PURSUING A HIGHER PAYING JOBS OR BETTER WORKING CONDITIONS

Answer 6

SELF-INTEREST

Question 7

PEOPLE DO THEIR BEST BASED ON THE VALUES AND INFORMATION

Answer 7

RATIONAL BEHAVIOUR

Question 8

WHAT ARE THE BRANCHES OF ECONOMICS?

Answer 8

MICROECONOMICS AND MACROECONOMICS

Question 9

DEALS WITH INDIVIDUAL UNITS.

Answer 9

MICROECONOMICS

Question 10

PRICE THEORY

Answer 10

MICROECONOMICS

Question 11

DEALS WITH WHOLE ECONOMY

Answer 11

MACROECONOMICS

Question 12

CENTER OF THE COMPREHENSIVE VIEW OF AN ECONOMY

Answer 12

MACROECONOMICS

Question 13

FOCUES ON BROAD ISSUES

Answer 13

MACROECONOMICS

Question 14

AMOUNT OF GOODS AND SERVICES THAT THE CONSUMERS ARE WILLING ANG ABLE TO PURCHASE DESIRELY

Answer 14

DEMAND

Question 15

AMOUNT OF GOODS AND SERVICES THAT THE CONSUMER ARE WILLING AND ABLE TO PURCHASE IN THE PARTICULAR TIME, PLACE, AND PRICE

Answer 15

QUANTITY DEMAND

Question 16

WHEN THE PRICE INCREASES THE QUANTITY DEMAND DECREASES (VICE VERSA)

Answer 16

LAW OF DEMAND

Question 17

JUSTIFICATION FOR THE LAW OF DEMAND

Answer 17

1. INCOME EFFECT
2. SUBSTITUTE EFFECT

Question 18

DETERMINANTS OF DEMAND

Answer 18

1. INCOME (I)
2. PRICE EXPECTATION (PE)
3. PRICE OF RELATED PRODUCTS (PR)
4. NUMBER OF CONSUMERS (N)
5. TASTE AND PREFERENCE (T)
6. RANGE OF AVAILABLE GOODS (R)

Question 19

CHANGE IN INCOME WILL CAUSE A CHANGE IN DEMAND

Answer 19

INCOME (I)

Question 20

WHAT ARE THE UNDER OF INCOME (I)

Answer 20

NORMAL GOODS (+)
INFERIOR GOODS (-)

Question 21

BASIC NECESSITIES FOR US TO BE ABLE TO SURIVE

Answer 21

NORMAL GOODS (+)

Question 22

PEOPLE BUY MORE WHEN THE INCOME INCREASES

Answer 22

NORMAL GOODS (+)

Question 23

LOW QUALITY. PEOPLE BUY LESS WHEN THE INCOME INCREASES

Answer 23

INFERIOR GOODS (-)

Question 24

MAXIMIXE THE PURCHASING POWER

Answer 24

PRICE EXPECTATION (PE)

Question 25

DEMAND OF FOR A PRODUCT CHANGE WHEN THE PRICE OF RELATED GOODS CHANGE

Answer 25

PRICE OF RELATED PRODUCTS

Question 26

WHAT ARE THE UNDER OF PRICE OF RELATED PRODUCTS? (demand)

Answer 26

SUBSTITUTE PRODUCT (+) COMPLEMENTARY GOODS (-)

Question 27

GOODS THAT CAN BE USED OR REPLACE OF OTHER GOODS

Answer 27

SUBSTITUTE PRODUCT (+)

Question 28

PRODUCT THAT ARE USED TOGETHER. CANNOT BE USED WITHOUT THE OTHER.

Answer 28

COMPLEMENTARY GOODS (-)

Question 29

MORE CONSUMERS BUY A GOODS AND SERVICES.

Answer 29

NUMBER OF CONSUMER (N)

Question 30

RELIGION, CULTURE, TRADITIONS, AND AGE AFFECT ON PURCHASING A GOODS AND SERVICES

Answer 30

TASTE AND PREFERENCE (T)

Question 31

AVAILABLE OPTIONS OR ALTERNATIVES DIVIDED BASED ON THE AVAILABILITY OF THE COMMODITIES.

Answer 31

RANGE OF THE AVAILABLE GOODS (R)

Question 32

QUANITITY OF A GOOD AND SERVICES THAT PRODUCERS WILLING AND ABLE TO OFFER/SELL IN THE MARKET

Answer 32

SUPPLY

Question 33

PRODUCERS ARE WILLING AND ABLE TO SELL AT A PARTICULAT TIME, PLACE AND PRICE

Answer 33

QUANTITY SUPPLY

Question 34

PRODUCERS TEND TO SUPPLY MORE AT A HIGHER PRICE. IT COULD GIVE THEM MORE PROFIT.

Answer 34

LAW OF SUPPLY

Question 35

DETERMINANTS OF SUPPLY

Answer 35

TECHNOLOGY (TE) COST OF PRODUCTION (C) PRICE EXPECTATION (PE) PRICE OF RELATED PRODUCT (PR) GOVERNMENT REGULATIONS AND TAXES (TX) GOVERNMENT SUBSIDIES (SB) NUMBER OF SELLERS (SE) AVAILABILITY OF INPUTS (A) WEATHER (W)

Question 36

ENCHANCE PRODUCTION EFFIENCY

Answer 36

TECHNOLOGY (TE)

Question 37

COSTS OF MAKING A PRODUCT AFFECT HOW MUCH OF IT IS PRODUCED

Answer 37

COST OF PRODUCTION (C)

Question 38

CAN HAVE AN INDIRECT IMPACT

Answer 38

PRICE OF RELATED PRODUCT (PR)

Question 39

WHAT ARE THE UNDER OF PRICE RELATED PRODUCT (PR) (supply)

Answer 39

SUBSTITUTE PRODUCT (-) COMPLEMENTARY PRODUCT (+)

Question 40

ITEMS THAT CAN BE SUBSTITUTED FOR ONE OTHER

Answer 40

SUBSTITUTE PRODUCT (-)

Question 41

GO TOGETHER OR CANNOT BE USED WITHOUT THE OTHER

Answer 41

COMPLEMENTARY PRODUCT (+)

Question 42

IMPOSED BY THE GOVERNMENT INCREASES COST OF PRODUCTION

Answer 42

GOVERNTMENT REGULATIONS AND TAXES (TX)

Question 43

FINANCIAL HELP PROVIDED BY THE GOVERNMENT INCREASES COST OF PRODUCTION

Answer 43

GOVERNMENT SUBSIDIES (SB)

Question 44

PRODUCERS ENTERING A MARKET CAN INCREASE SUPPLY

Answer 44

NUMBER OF SELLERS (SE)

Question 45

LAND, LABOR, AND RAW MATERIALS CAN AFFECT SUPPLY

Answer 45

AVAILABILITY OF INPUTS (A)

Question 46

NATURAL DISASTER CAN IMPACT THE SUPPLY OF AGRICULTURAL PRODUCTS

Answer 46

WEATHER (W)

Question 47

RELATIONSHIP BETWEEN SUPPLY AND ALL OF ITS DETERMINANTS

Answer 47

SUPPLY FUNCTION

Question 48

QUANTITY DEMANDED IS EQUAL TO QUANTITY SUPPLIED (BALANCE)

Answer 48

MARKET EQUILIBRIUM

Question 49

QUANTITY DEMANDED EXCEEDS QUANTITY SUPPLIED

Answer 49

SHORTAGE

Question 50

QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED

Answer 50

SURPLUS

Question 51

EQUALS TO 1

Answer 51

UNITARY ELASTIC

Question 52

EQUALS TO >1

Answer 52

ELASTIC

Question 53

EQUALS TO <1

Answer 53

INELASTIC

Question 54

INFINITE

Answer 54

PERFECTLY ELASTIC

Question 55

EQUALS TO 0

Answer 55

PERFECTLY INELASTIC