Economics: Study of Production and Distribution

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16 Questions

What is the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants called?

What is the study of economics in relation to real-world situations called?

What does the term 'ECONOMICS' come from?

What does microeconomics study?

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

Who are consumers?

What is a producer?

What are economic resources also called?

What does the resource 'capital' consist of?

What is entrepreneurial ability in the context of economic resources?

How is scarcity defined?

What pertains to the amount of physical, mental, and social effort used to produce goods and services?

What do needs pertain to?

What does choice refer to in the presence of scarcity?

What is the value of the best forgone alternative known as?

What are stocks, bonds, and other financial assets called in relation to 'capital'?

Description

Test your knowledge of economics, the social science that deals with the study of production, consumption, distribution, and exchange of goods and services for the satisfaction of human needs and wants. Explore the efficient use of limited resources to achieve maximum satisfaction of economic wants.

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