Podcast
Questions and Answers
What is the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants called?
What is the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants called?
- Psychology
- Sociology
- Anthropology
- Economics (correct)
What is the study of economics in relation to real-world situations called?
What is the study of economics in relation to real-world situations called?
- Applied economics (correct)
- Theoretical economics
- Experimental economics
- Pure economics
What does the term 'ECONOMICS' come from?
What does the term 'ECONOMICS' come from?
- Latin words meaning management of resources
- Ancient Greek words meaning household management (correct)
- French words meaning business administration
- Old English words meaning financial science
What does microeconomics study?
What does microeconomics study?
What is the study of an entire economy or one of its principal sectors called?
What is the study of an entire economy or one of its principal sectors called?
Who are consumers?
Who are consumers?
What is a producer?
What is a producer?
What are economic resources also called?
What are economic resources also called?
What does the resource 'capital' consist of?
What does the resource 'capital' consist of?
What is entrepreneurial ability in the context of economic resources?
What is entrepreneurial ability in the context of economic resources?
How is scarcity defined?
How is scarcity defined?
What pertains to the amount of physical, mental, and social effort used to produce goods and services?
What pertains to the amount of physical, mental, and social effort used to produce goods and services?
What do needs pertain to?
What do needs pertain to?
What does choice refer to in the presence of scarcity?
What does choice refer to in the presence of scarcity?
What is the value of the best forgone alternative known as?
What is the value of the best forgone alternative known as?
What are stocks, bonds, and other financial assets called in relation to 'capital'?
What are stocks, bonds, and other financial assets called in relation to 'capital'?
