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Introduction to Business Economics Quiz

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Questions and Answers

What does a production unit have to decide?

What to produce, when to produce, for whom to produce (correct)

How to produce, how much to produce, where to produce

What to consume, when to consume, why to consume

Where to sell, how to market, when to expand

What does a finance enterprise dealing with funds have to decide?

How to market, when to expand, where to sell

What to produce, when to produce, for whom to produce

How to invest funds, how to save funds, when to spend funds

When to raise funds, where to spend funds, what should be the maturity (correct)

What was Economics known as until the 19th century?

Political Economy (correct)

Social Economics

Microeconomics

Macroeconomics

What is considered as the first modern work of Economics?

'An nquiry into the Nature and Causes of the Wealth of Nations' Signup and view all the answers

What does the term 'Economics' owe its origin to?

'Household' in Greek Signup and view all the answers

What is the basic objective of all economic activities?

To transform inputs into outputs Signup and view all the answers

Which of the following represents the inputs in economic activity?

Land, labour, capital, entrepreneurship Signup and view all the answers

What is the purpose of Non-Profit Organizations (NPOs)?

To create social benefits Signup and view all the answers

Which factor is not classified as an input in economic activity?

Consumer goods Signup and view all the answers

What is the essence of economic activity?

Creation of net value added Signup and view all the answers

Study Notes

Economic Decision Making

A production unit has to decide on what to produce, how to produce, and for whom to produce.

Financial Decision Making

A finance enterprise dealing with funds has to decide on investment, financing, and dividend decisions.

History of Economics

Until the 19th century, Economics was known as Political Economy.

Contributions to Economics

The first modern work of Economics is considered to be "Wealth of Nations" by Adam Smith.

Origin of the Term 'Economics'

The term 'Economics' owes its origin to the Greek words "oikos" meaning house and "nomos" meaning laws.

Economic Objectives

The basic objective of all economic activities is to satisfy the unlimited wants of humans with limited resources.

Economic Activity

Land, Labour, and Capital are the inputs in economic activity.

Non-Profit Organizations

The purpose of Non-Profit Organizations (NPOs) is to provide social services and welfare to society.

Inputs in Economic Activity

Consumption is not classified as an input in economic activity.

Essence of Economic Activity

The essence of economic activity is the creation of goods and services to satisfy human wants.

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Description

Test your knowledge about the economic activities of different types of businesses and the transformation of inputs into outputs. Explore the essence of economic activity and the creation of net value.