16 Questions
What is the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants called?
Economics
What is the study of economics in relation to real-world situations called?
Applied economics
What does the term 'ECONOMICS' come from?
Ancient Greek words meaning household management
What does microeconomics study?
Single factors of an economy such as individuals and households
What is the study of an entire economy or one of its principal sectors called?
Macroeconomics
Who are consumers?
People who buy goods or services for personal use
What is a producer?
A person, group, or business that provides goods or services to satisfy consumers' needs and wants
What are economic resources also called?
Factors or inputs of production
What does the resource 'capital' consist of?
Machinery and equipment used to produce output
What is entrepreneurial ability in the context of economic resources?
The ability to organize production and bear risks
How is scarcity defined?
The condition where there are insufficient resources to satisfy all needs and wants
What pertains to the amount of physical, mental, and social effort used to produce goods and services?
Labor input
What do needs pertain to?
The essentials of life such as food, clothing, and shelter
What does choice refer to in the presence of scarcity?
The decision made to allocate resources most efficiently
What is the value of the best forgone alternative known as?
Opportunity cost
What are stocks, bonds, and other financial assets called in relation to 'capital'?
Not considered as capital under this definition
Test your knowledge of economics, the social science that deals with the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants. Explore the efficient use of limited resources to achieve maximum satisfaction of economic wants.
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