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
Which term refers to the study of observing how economic theories work in practice?
Applied economics
What is the term for someone who studies economic theory and applies it to the real world?
Economist
Which field of economics focuses on the study of a single factor of an economy such as individuals, households, businesses, & industries rather than an economy as a whole?
Microeconomics
What does the term 'ECONOMICS' come from according to the text?
Oikos (house) and Nomos (management)
What is the study of an entire economy or one of its principal sectors called?
Macroeconomics
What is a producer in economics?
A person, group, or business that satisfies consumers' needs and wants
What are the classic economic resources?
Land, labor, capital, entrepreneurial ability
What is scarcity in economics?
Condition where there are insufficient resources to satisfy all needs and wants
How are 'needs' defined in economics?
Essentials of life such as food, clothing, and shelter
What does 'consumer sovereignty' refer to?
The power of consumers to determine what goods and services are produced
What is opportunity cost in economics?
The value of the best-forgone alternative
What are the four basic economic questions?
What to produce, how to produce, for whom to produce, how much to produce
What does an economic system refer to?
The institutional framework that guides the economy in answering the basic economic questions
'Labor input' in economics consists of:
The physical and intellectual services provided by human beings
'Capital' in economics consists of:
the machinery and equipment used to produce output
Explore the fundamental concepts of economics, including the study of production, consumption, distribution, and exchange of goods and services for human needs and wants. Learn about the efficient use of limited resources to achieve maximum satisfaction of economic wants.
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