Theme 1 Micro economics

Question 1

What is Micro economis

Answer 1

Best solve the basic economic problem

Question 2

What the is the basic economic problem

Answer 2

How to allocate scarce resourses when given unlimited wants

Question 3

Factors of Production

Answer 3

Capital, Enterprice, Labour, Land

Question 4

Capital

Answer 4

Machinery

Question 5

Enterprice

Answer 5

Entrepuneral, Innovate to produce goods and services

Question 6

Labour

Answer 6

Human resourses, workers that can produce goods and services

Question 7

Land

Answer 7

Land which can be used or thing that can be taken to produce goods and services

Question 8

What choices do we make

Answer 8

How to produce, What to produce and to Whom to produce for

Question 9

What is oppertunity cost

Answer 9

What was the next best alternative forgone when a choice was made

Question 10

How do we measure oppertunity cost

Answer 10

If the value of the oppertunity cost was greater than the value of our current choice than we have made a bad choice…….