BM2205 Fundamental Concepts of Microeconomics: Definition of Economics
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Questions and Answers

What is the definition of Economics?

  • The study of human behavior in society
  • The study of human decisions and activities in the face of scarce resources (correct)
  • The study of political systems and governance
  • The study of natural resources and their conservation

    • What are the two attributes of the economy mentioned in the text?

  • Unlimited production and unlimited consumption
  • Infinite resources and limited wants
  • Limited production and unlimited consumption
  • Infinite wants and limited resources (correct)

    • What is scarcity according to the text?

  • Abundance of resources and limited demand
  • Excessive supply of goods and services
  • Gap between limitless wants and limited resources (correct)
  • Equal distribution of resources to satisfy all wants

    • What are included in the resources necessary to produce goods and services mentioned in the text?

    <p>Land, labor, capital, natural resources, and entrepreneurial skills</p> Signup and view all the answers

    What does Economics provide information about, as mentioned in the text?

    <p>Systems and frameworks for analyzing societal interactions</p> Signup and view all the answers

    How can economics help poultry farmers, as mentioned in the text?

    <p>Recognize which animals to breed</p> Signup and view all the answers

    What is the focus of microeconomics?

    <p>Individual agents in the economy</p> Signup and view all the answers

    Which department would be most interested in measuring the production performance in agriculture of the country?

    <p>Department of Agriculture</p> Signup and view all the answers

    What is another name for macroeconomics?

    <p>Income theory</p> Signup and view all the answers

    Which area of economics involves determining what price farmers would sell their crops?

    <p>Microeconomics</p> Signup and view all the answers

    What does the government's role involve in microeconomics?

    <p>Protecting society’s welfare and providing a public good</p> Signup and view all the answers

    Which type of economic activity has direct effects on macroeconomic results?

    <p>Producer behavior</p> Signup and view all the answers

    How are microeconomics and macroeconomics interrelated?

    <p>Microeconomic activities have direct effects on macroeconomic results</p> Signup and view all the answers

    What would a wrong decision made at the macroeconomic level negatively affect?

    <p>Individual agents in the economy</p> Signup and view all the answers

    What is one example of how a positive outcome at the microeconomic level may adversely affect the macroeconomic environment?

    <p>Wage hike resulting in reduced production performance</p> Signup and view all the answers

    What does macroeconomics focus on?

    <p>National income of an economy</p> Signup and view all the answers

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