Introduction to Economics: Module 1
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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?

  • Applied economics
  • Macroeconomics
  • Microeconomics
  • Economics (correct)
  • Which term refers to the study of observing how economic theories work in practice?

  • Applied economics (correct)
  • Economist
  • Microeconomics
  • Macroeconomics
  • What is the term for someone who studies economic theory and applies it to the real world?

  • Producer
  • Consumer
  • Entrepreneur
  • Economist (correct)
  • 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?

    <p>Microeconomics</p> Signup and view all the answers

    What does the term 'ECONOMICS' come from according to the text?

    <p>Oikos (house) and Nomos (management)</p> Signup and view all the answers

    What is the study of an entire economy or one of its principal sectors called?

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

    What is a producer in economics?

    <p>A person, group, or business that satisfies consumers' needs and wants</p> Signup and view all the answers

    What are the classic economic resources?

    <p>Land, labor, capital, entrepreneurial ability</p> Signup and view all the answers

    What is scarcity in economics?

    <p>Condition where there are insufficient resources to satisfy all needs and wants</p> Signup and view all the answers

    How are 'needs' defined in economics?

    <p>Essentials of life such as food, clothing, and shelter</p> Signup and view all the answers

    What does 'consumer sovereignty' refer to?

    <p>The power of consumers to determine what goods and services are produced</p> Signup and view all the answers

    What is opportunity cost in economics?

    <p>The value of the best-forgone alternative</p> Signup and view all the answers

    What are the four basic economic questions?

    <p>What to produce, how to produce, for whom to produce, how much to produce</p> Signup and view all the answers

    What does an economic system refer to?

    <p>The institutional framework that guides the economy in answering the basic economic questions</p> Signup and view all the answers

    'Labor input' in economics consists of:

    <p>The physical and intellectual services provided by human beings</p> Signup and view all the answers

    'Capital' in economics consists of:

    <p>the machinery and equipment used to produce output</p> Signup and view all the answers

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