Microeconomics

Refers to the used of goods and services.

• Consumption

• Production

• Exchange

• Injection

Refers to the transformation of resources like land, labor, capital and entrepreneur into goods and services.

• Consumption

• Production

• Exchange

• Injection

Goods include all tangible items, except:

• Furniture

• House

• Machines

• Transportation

The following choices below are basic needs, except:

• Food

• Shelter

• Branded Clothing

• Water

Refer to the study of the economic behaviour of individual components like industries, firms, and households.

• Macroeconomics

• Consumer Behaviour

• Microeconomics

• Positive Economics

Refers to all plots of ground and other natural resources used in the production of goods and services.

• Land

• Labor

• Entrepreneurial Ability

• Capital

It is the main reason why there is a study of microeconomics.

• Resources

• Scarcity

• Household

• Profit

Among them are famous economist, except:

• Karl Marx

• Adam Smith

• George Washington

• John Maynard Keynes

The following are the factors of production, except:

• Land

• Labor

• Fish Pond

• Capital

A major player in the economics whose main function is to consume goods and services

• Household

• Business Sector

• Government

• Employee