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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?

Microeconomics (C) Signup and view all the answers

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

Oikos (house) and Nomos (management) (B) Signup and view all the answers

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

Macroeconomics (A) Signup and view all the answers

What is a producer in economics?

A person, group, or business that satisfies consumers' needs and wants (A) Signup and view all the answers

What are the classic economic resources?

Land, labor, capital, entrepreneurial ability (B) Signup and view all the answers

What is scarcity in economics?

Condition where there are insufficient resources to satisfy all needs and wants (C) Signup and view all the answers

How are 'needs' defined in economics?

Essentials of life such as food, clothing, and shelter (A) Signup and view all the answers

What does 'consumer sovereignty' refer to?

The power of consumers to determine what goods and services are produced (D) Signup and view all the answers

What is opportunity cost in economics?

The value of the best-forgone alternative (B) Signup and view all the answers

What are the four basic economic questions?

What to produce, how to produce, for whom to produce, how much to produce (B) Signup and view all the answers

What does an economic system refer to?

The institutional framework that guides the economy in answering the basic economic questions (B) Signup and view all the answers

'Labor input' in economics consists of:

The physical and intellectual services provided by human beings (D) Signup and view all the answers

'Capital' in economics consists of:

the machinery and equipment used to produce output (D) Signup and view all the answers

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