Economy and Personal Finance Basics Quiz

Basic Economics and Personal Finance

Needs, Resources, and Economic Systems

GDP per capita measures the average economic output per person, while HDI measures the average achievements in a country in three basic dimensions of human development.

<p>Needs and Resources</p> Signup and view all the answers

<p>Renewable or nonrenewable, and biotic or abiotic</p> Signup and view all the answers

<p>Natural resources are materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. They can be obtained from living (biotic) or non-living (abiotic) things.</p> Signup and view all the answers

<p>Production, consumption, distribution, and ownership</p> Signup and view all the answers

<p>What should be produced and what are the production possibilities</p> Signup and view all the answers

<p>Influence of the market and political ideologies</p> Signup and view all the answers

<p>Households, firms, fiscal policy, monetary policy, employment levels, and more</p> Signup and view all the answers

<p>Households and firms</p> Signup and view all the answers

<p>National income and output, imports and exports, unemployment rate, price inflation, economic growth, and total consumption expenditure</p> Signup and view all the answers

<p>Monetary policy and fiscal policy</p> Signup and view all the answers

<p>The market</p> Signup and view all the answers

<p>Firms/companies, market, law-making offices, etc.</p> Signup and view all the answers

<p>Fair income distribution, the role of government, and criteria for highest income recipients</p> Signup and view all the answers

<p>Needs and resources</p> Signup and view all the answers

<p>Only as renewable or nonrenewable</p> Signup and view all the answers

<p>Understanding the economy of a place</p> Signup and view all the answers

<p>Renewable natural resources</p> Signup and view all the answers

<p>Managing individual financial needs</p> Signup and view all the answers

<p>$GDP$ per capita</p> Signup and view all the answers

<p>Firms produce goods and services needed by households, who in turn provide labor and resources to the firms.</p> Signup and view all the answers

<p>Matching production with available resources and societal needs</p> Signup and view all the answers

<p>Microeconomics focuses on individual economic elements, while macroeconomics focuses on overall economic systems.</p> Signup and view all the answers

<p>To control the supply of money to promote economic growth and stability</p> Signup and view all the answers

<p>Exploring how market forces interact to establish prices and quantities of goods and services</p> Signup and view all the answers

<p>A resource that can only be found in certain parts of the world</p> Signup and view all the answers

<p><strong>Individuals' consumption patterns</strong></p> Signup and view all the answers

<p><strong>Consideration of renewable resources over non-renewable resources</strong></p> Signup and view all the answers

<p><strong>Macroeconomics</strong></p> Signup and view all the answers

<p><strong>A place or situation where buyers and sellers trade goods and services</strong></p> Signup and view all the answers