Economics Revision 3

The following is in the scope of microeconomics

• General price level

• national income

• individual demand

• total employment

Greater amount of aggregation in

• market demand

• microeconomics

• welfare economics

• macroeconomics

Use of resources in a manner that does not adversely affect future generations

• consumption

• sustainable consumption

• immediate consumption

• delayed consumption

Productive resources are known as

• factors of production

• tools

• capital

• business inputs

The fundamental problem of all economies is

• income

• demand

• scarcity

• technology

Utility derived from a commodity is expressed by

• value in exchange

• price

• value in use

• demand

---------- has utility, scarcity, exchange value and transferability

• welfare

• wealth

• skill

• resource

Scarcity definition of economics is given by

• A. Marshall

• L.Robbins

• Samuelson

• Adam Smith

What is an example of Land?

• Soil

• Wheat

• Trees

• All of the above

What factor of production's function is to make decisions and take risks?

• Capital
• Enterprise 
• Land 
• Labour