M1

Question 1

study of social behavior that guides in the allocation of scarce
resources in order to meet the unlimited needs and desires

Answer 1

ECONOMICS

Question 2

seeks to understand how people interact within the social structure
to solve questions concerning production and exchange of goods and services.

Answer 2

economics

Question 3

the conversion of scarce resources into desired goods and services.

Answer 3

production

Question 4

refers to the natural materials/gift of nature

Answer 4

land

Question 5

payment for land

Answer 5

rent

Question 6

the professionals, semiskilled, and unskilled

Answer 6

labor

Question 7

payment for labor

Answer 7

salaries and wages

Question 8

refers to the factories, machines, transportation equipment, and
infrastructure that can create another product

Answer 8

capital

Question 9

payment of capital

Answer 9

interest

Question 10

the factors of production and risk taking

Answer 10

entrepreneurship

Question 11

intended to provide the complete production process needed

Answer 11

resources

Question 12

refers to the condition
where the where the quantity desired of a particular resource exceeds the quantity
available in the absence of a rationing system.

Answer 12

scarcity

Question 13

Rationing system includes

Answer 13

-tradition and culture
-planning and central government command
-voting and political procedures
-markets

Question 14

This pertains to the problem of allocation
concerning social norms, customs and history.

Answer 14

tradition and culture

Question 15

This refers to the use of
complex mathematical tables to determine output goals and inputs
requirements.

Answer 15

Planning and central government command.

Question 16

This is the communication resource
allocation among individuals through the development of a consensus or
majority rule.

Answer 16

Voting and political procedures.

Question 17

This refers to using a system of prices to act as a means of
communication about the availability of resources and the desire for those
resources.

Answer 17

markets

Question 18

types of Goods and services

Answer 18

• final goods and services
• intermediate/capital goods

Question 19

Individuals to satisfy their needs and wants
directly to consume these products.

Answer 19

final goods and services

Question 20

These are goods used to produce other goods

Answer 20

intermediate/capital goods

Question 21

determined by nature, climate, location are
often finite

Answer 21

needs

Question 22

determined by society and the culture in which people lives

Answer 22

human wants

Question 23

unlimited and represent the source of the problem facing the economic system

Answer 23

human wants

Question 24

The Scope of Economics

Answer 24

• applied science
• Positive and Normative Science
• Social Science
• Art and a Science

Question 25

he separated economics from Political Economy. The scope of economics includes the definition of economics, whether economics is a science, social science and economic as an art.

Answer 25

Alfred Marshall

Question 26

It is application of economic principles and theories to real situations and trying to predict what the outcomes might be.

Answer 26

Economics as Applied Science

Question 27

acts as a mechanism to determine what steps can reasonably be taken to improve current economic situation. Example: Purchase of goods and services, usage of raw materials, and division of labor.

Answer 27

applied economics

Question 28

can teach valuable lessons on how to avoid the recurrence of a negative situation, or at least minimize the impact.

Answer 28

applied economics

Question 29

law of supply and demand law of supply and demand law of diminishing marginal utility.

Answer 29

applied economics

Question 30

involves value judgement or what is known as value. It is concerned with the questions of what ought to be; what is

Answer 30

normative economics

Question 31

is concerned with how the general price levels are determined.

Answer 31

positive economics

Question 32

The objective of ____________ is the establishment of scientific laws while the objective of _________ is the determination of the ideals.

Answer 32

positive science normative science

Question 33

Economics is the scientific study of ownership, use and exchange of scarce resources-often shortened to the science of scarcity.

Answer 33

Economics as Social Science

Question 34

Economics is regarded as a ____________ because it uses scientific methods to build theories that can help explain the behavior of individuals, groups, and organizations.

Answer 34

social science

Question 35

Economics is classified as ________ because it deals with the study of human’s life and how he lives with other man.

Answer 35

social science

Question 36

Economics is an ________ because different theories and laws are explained with the help of graphs, figures, tables, equations.

Answer 36

art

Question 37

economics make use of assumptions, which helps to define the conditions for the application of theories, laws and relationship between economic variables.

Answer 37

Economics as an Art and a Science

Question 38

Two Branches of Economics

Answer 38

microeconomics macroeconomics

Question 39

Is a division of economics that is concerned with the overall performance of the entire economy.

Answer 39

macroeconomics

Question 40

This studies the decision and choices of the individual units and how these decisions affect the prices of goods in the market.

Answer 40

microeconomics

Question 41

refers to what you have to give up to buy what you want in terms of other goods or services

Answer 41

opportunity costs

Question 42

a situational decision that involves diminishing or losing on quality, quantity, or property of a set or design in return for gains in other aspects

Answer 42

traded off

Question 43

aspects of economics

Answer 43

positive normative

Question 44

"people build on interdependence among people"

Answer 44

adam smith

Question 45

factors of production

Answer 45

land labor capital entrepreneurship

Question 46

what aspect is the statement of realities that can be prove/disprove - based on facts

Answer 46

positive economic

Question 47

what aspect of economic that can't be prove/disprove

Answer 47

normative economic

Question 48

questions to consider

Answer 48

- what to produce and how much - how to produce - for whom to produce

Question 49

what question that relate to society determine kind of quantity it will produce

Answer 49

what to produce and how much

Question 50

what question that relate who will produce/ machine/ workers

Answer 50

how to produce

Question 51

what question that relate to who will benefit

Answer 51

for whom to produce