Intro to Economics

What is the study of people in society and how they interact with each other.

• Economics

• goods

• services

• scarcity

What are physical objects that are capable of being touched

• Goods

• services

• scarcity

What are intangible things that cannot be touched, such as motorcycle repairs, haircuts or insurance.

• Services

• Goods

• Scarcity

What questions should we ask about the basic economic problem?

• What should be produced and with what quantities?

• How should things be produced?

• Who should things be produced for

• All of them

What is a capital of production?

• Land

• Labor

• Capital

• all

What is the study of economics?

• the study of people in society and how they interact with each other

• not that

What is the factor of land

• all natural resources

• the human factor

Is the factor of labour the human factor

• true

• false

what is Utility

• a measure of usefulness and pleasure.

• being useless

Economic Development is a measure of welfare and well being

• true

• false