The Origin of Economics

True or false: Economics is derived from the Greek words oikos and nomus, meaning household and system or management, respectively?

True or false: Microeconomics is the study of individual households and firms?

True or false: Land in economics refers only to the soil or ground surface?

True or false: Labor in economics encompasses a wide range of skills, abilities, and characteristics?

True or false: Capital in economics refers to manmade goods used in the production of other goods and services?

True or false: Economic activity that commands a price is referred to as profit or loss.

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 or false: The Circular Flow Model is classified as part of labor.

True or false: The creation of goods and services should not be considered as part of labor.

True or false: The Circular Flow Model shows how resources are utilized by the household and business sectors.