LESSON 1.1 ECONOMICS

Question 1

Came from the greek word OIKONOMIA

Answer 1

Economics

Question 2

this means house or household

Answer 2

oikos

Question 3

this means rules, laws or management

Answer 3

nomos

Question 4

properly defined as the utilization of scarce resources in order to maximize satisfaction of unlimited human wants and needs

Answer 4

ECONOMICS

Question 5

The study of society and the way which the citizens conduct themselves

Answer 5

SOCIAL SCIENCE

Question 6

the father of economics

Answer 6

adam smith (1723-1790)

Question 7

goods and services necessary to “sustain” life

Answer 7

human needs

Question 8

good and services that people desire but dont need to survive

Answer 8

human wants

Question 9

means used to produce goods and services

Answer 9

resources

Question 10

all natural resources that come from the earth

Answer 10

land

Question 11

this refers to the human effort

Answer 11

labor

Question 12

this refers to the man made tools, machines, and equipmenet

Answer 12

capital

Question 13

this is the skill and creativity of people who combine land, labor and capital

Answer 13

entrepreneurial ability