12 Questions
What is the main focus of Microeconomics?
Dealing with the individual decisions of units of the economy
Which branch of economics studies the economic behavior of the whole economy?
Macroeconomics
What is Capitalism based on?
Privately owned resources and individual decision-making
Which factor of production refers to human-made goods used in production?
Capital
In which economic system are key enterprises owned by the state?
Socialism
What is a defining feature of a Traditional Economy?
Subsistence economy
Which term refers to a commodity or service being short in supply relative to its demand?
Scarcity
What is the Greek origin of the word 'economics' as mentioned in the text?
Oikos and Nomos
Which type of economic analysis considers economic conditions 'as they are'?
Positive Economics
What does the term 'Ceteris Paribus' mean in economics?
All other things held constant or equal
Which economist mentioned in the text defines economics as 'simply scarcity and choice'?
Slavin
What type of economic analysis judges economic conditions 'as it should be'?
Normative Economics
Test your understanding of the true meaning and purpose of economics, the foundation of economics, and the importance of economics in our lives. Explore concepts such as scarcity, overpopulation, unjust distribution, and more.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
