Intro to econ

Question 1

What is scarcity?

Answer 1

A concept where there are limited resource to fulfill unlimited wants

Question 2

What is Economics?

Answer 2

It is considered a social science where social had human behavior is studied using a variety of methods including scientific techniques.

Question 3

What is Micro Economics?

Answer 3

The study of the behavior of the individual economic agent.

Question 4

What is Macro Economics?

Answer 4

The study of the overall economy.

Question 5

What is an economic system?

Answer 5

A network of individuals, organizations, and institutions which allocate resourses.

Question 6

What is the factor reward for Capital?

Answer 6

Intrest

Question 7

What is the factor reward for land?

Answer 7

Rent

Question 8

What is the factor reward for labor?

Answer 8

Wages/salary

Question 9

What is the factor reward for enterprize?

Answer 9

Profit

Question 10

What is production?

Answer 10

Converting raw materials into a finished or semi finished product

Question 11

What are the three main productions sectors?

Answer 11

Primary sector, Secondary sector, and Tertiary sector