Podcast
Questions and Answers
Which of the following is a factor of production?
Which of the following is a factor of production?
- Money
- Labor unions
- Bank loans
- Entrepreneurship (correct)
Which of the following is not an economic concept?
Which of the following is not an economic concept?
- Gross Domestic Product (GDP)
- Demand and supply
- Opportunity cost
- Gravity and magnetism (correct)
What is the main objective of macroeconomics?
What is the main objective of macroeconomics?
- Studying the behavior of individual consumers
- Analyzing the overall performance of the economy (correct)
- Determining the prices of specific goods
- Maximizing profits for individual firms
What does microeconomics primarily analyze in the economy?
What does microeconomics primarily analyze in the economy?
Which type of economics describes 'what ought to be'?
Which type of economics describes 'what ought to be'?
In which areas can economic analysis be applied throughout society?
In which areas can economic analysis be applied throughout society?
What type of economics focuses on the interaction of production, consumption, saving, and investment in the economy?
What type of economics focuses on the interaction of production, consumption, saving, and investment in the economy?
Which economic concept distinguishes between 'what is' and 'what ought to be'?
Which economic concept distinguishes between 'what is' and 'what ought to be'?
Flashcards
Factor of Production
Factor of Production
Resource used to create goods and services.
Economic Concept
Economic Concept
Idea related to how people use resources.
Macroeconomics
Macroeconomics
Study of the overall economy.
Microeconomics
Microeconomics
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Normative Economics
Normative Economics
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Real-World Applications of Economics
Real-World Applications of Economics
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Macroeconomics Focus
Macroeconomics Focus
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Distinction in Economics
Distinction in Economics
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