Master the Basics of Economics

Which branch of economics focuses on the transfer of goods and services for consumption?

Exchange (correct)

Consumption

Production

Distribution

What is the study of the distribution of national income among factors in the form of Rent, wages, Interest, and profit?

Distribution (correct)

Consumption

Production

Exchange

Which branch of economics refers to the financial activities of the government and local bodies?

Production

Consumption

Public Finance (correct)

Exchange

What does economic planning refer to?

Coordination of Economic Activities Signup and view all the answers

Which branch of economics studies how man utilizes his limited resources for the satisfaction of his unlimited wants?

Consumption Signup and view all the answers

What are the different branches of economics traditionally divided into?

<ol> <li>Consumption, 2. Production, 3. Exchange, 4. Distribution, 5. Public Finance, 6. Economic Planning</li> </ol> Signup and view all the answers

Define consumption.

Consumption refers to the satisfaction of human wants by using goods and services. Signup and view all the answers

What does production refer to?

Production refers to the creation of goods and services by using the different factors of production. Signup and view all the answers

Explain exchange.

Exchange refers to the transfer of goods and services for consumption. Signup and view all the answers

Define distribution.

Distribution refers to the rewarding of the factors of production. It is the study of the distribution of national income among factors in the form of rent, wages, interest, and profit. Signup and view all the answers

Master the Basics of Economics

Questions and Answers

Which branch of economics focuses on the transfer of goods and services for consumption?

What is the study of the distribution of national income among factors in the form of Rent, wages, Interest, and profit?

Which branch of economics refers to the financial activities of the government and local bodies?

What does economic planning refer to?

Which branch of economics studies how man utilizes his limited resources for the satisfaction of his unlimited wants?

What are the different branches of economics traditionally divided into?

Define consumption.

What does production refer to?

Explain exchange.

Define distribution.

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