15 Questions
What is the definition of economics?
The study of the allocation of resources for production, distribution, and consumption
Based on the text, what is one importance of economics?
All of the above
How does economics influence purchasing?
By influencing the prices of goods and services
How does economics affect employment opportunities?
By influencing job growth, wages, and benefits
Based on the text, what is the main focus of economics?
Allocating resources for production, distribution, and consumption
The allocation of ________ resources for production
limited
Consumption of ________ and services to satisfy the unlimited ________
goods needs
Economics is a branch of ________
Social Science
Economics is the study of ________
choices
Understanding economics helps individuals and households to make informed decisions about their ________, including how much to save, spend, and invest.
Budgeting
Managerial economics by Ericson R. Pambid is a branch of ________ that deals with the study of the allocation of ________ resources for production, distribution and ________ of ________ and services to satisfy the unlimited ________ and wants of people
Economics, limited, consumption, goods, needs
Understanding economics helps individuals and households to make informed decisions about their ________, including how much to save, spend, and ________
budgets, invest
Economics influences the prices of goods and services we purchase, including ________ and demand, inflation, and taxes
supply
Economics affects employment opportunities, including job growth, ________, and benefits. It also helps individuals to understand how to navigate the job market
wages
Economics is a branch of ________
social science
Study Notes
Definition of Economics
- Economics is the study of the allocation of scarce resources for production, consumption of goods and services to satisfy the unlimited wants and needs of people.
Importance of Economics
- Understanding economics helps individuals and households to make informed decisions about their finances, including how much to save, spend, and invest.
Influence of Economics on Purchasing
- Economics influences the prices of goods and services we purchase, including supply and demand, inflation, and taxes.
Impact of Economics on Employment
- Economics affects employment opportunities, including job growth, wages, and benefits.
- It also helps individuals to understand how to navigate the job market.
Branch of Social Science
- Economics is a branch of social science.
Focus of Economics
- The main focus of economics is the allocation of scarce resources for production, consumption, and distribution of goods and services to satisfy the unlimited wants and needs of people.
Test your knowledge of Managerial Economics with this quiz! Explore the allocation of resources, production, distribution, and consumption of goods and services to meet unlimited wants and needs. Learn about budgeting, public policy, and purchasing decisions.
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