Diagnostic Test in Applied Economics

study of economics in relation to real world situations

• Microeconomics

• Macroeconomics

• Econometrics

• Applied economics

the tension between the limited resources and unlimited wants and needs.

• natural resources

• scarcity

• opportunity cost

• poverty

the Greek translation of the word economics

• ekonomiya

• oikonomia

• okonomea

• oikomia

the three problems of economics is what to produce, how to produce and ....

• when to produce

• where to produce

• which one to produce

• for whom it will be produced

this is marketing of goods and services to different economic outlets for allocations to individual consumers.

• production

• distribution

• exchange

• consumption

Economics is...

• studying goods, services, and how people can get them.
• studying trees, bushes, and other plants.
• studying animals and wildlife.
• studying food, and how food is made.

The people who buy goods and services are called...

• producers
• consumers
• banker
• traders

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur