10 Questions
True or false: Economics is derived from the Greek words oikos and nomus, meaning household and system or management, respectively?
True
True or false: Microeconomics is the study of individual households and firms?
True
True or false: Land in economics refers only to the soil or ground surface?
False
True or false: Labor in economics encompasses a wide range of skills, abilities, and characteristics?
True
True or false: Capital in economics refers to manmade goods used in the production of other goods and services?
True
True or false: Economic activity that commands a price is referred to as profit or loss.
True
True or false: The Circular Flow Model is a figure of a dynamic market economy that creates continuous and repetitive flows of goods and services, resources, and money.
True
True or false: The Circular Flow Model is classified as part of labor.
False
True or false: The creation of goods and services should not be considered as part of labor.
False
True or false: The Circular Flow Model shows how resources are utilized by the household and business sectors.
True
Test your knowledge of the origin of economics and the different aspects of the field. This quiz covers topics such as microeconomics, macroeconomics, and the factors of production. Explore the meaning behind the Greek word "oikos" and its relation to household management.
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