Economics Statements Quiz

Wealth refers to the abundance of valuable resources or assets that can be used to fulfill needs or wants. For example, purchasing a two-wheeler vehicle, saving money, or utilizing provident funds to set up a business all contribute to one's wealth.

Human wants are unlimited, insatiable, ever-changing, and they differ in intensity and urgency. They also vary from person to person based on preferences and needs.

National income refers to the total value of goods and services produced within a country's borders in a specific time period. It is calculated by summing up all incomes earned by individuals, businesses, and the government.

<p>Double counting must be avoided in national income calculations to prevent overestimating the value of goods and services produced. It ensures accuracy in measuring the true economic output of a country.</p> Signup and view all the answers

<p>Value-in-Use refers to the utility or satisfaction a product provides, while Value-in-Exchange is the price at which a product can be exchanged in the market. They are different as value-in-use is subjective and value-in-exchange is determined by market forces.</p> Signup and view all the answers