Economics Revision

_______________ sector is also called as service sector.

• Tertiary

• Primary

• Secondary

___________________ is that branch of economics which studies economic problems at the level of economy as a whole

• Microeconomics

• Macroeconomics

According to this economist, "Economics is a study of administration of scarce means and the determinants of employment and income"

• Adam Smith

• Alfred Marshall

• Keynes

• Paul Samuelson

A system by which people get living is termed as _____________.

A ___________________ refers to a group of people living under same roof and taking economic decisions jointly.

• Consumer

• Household

• Government

___________________ producers produce goods by exploiting natural resources.

• Tertiary

• Secondary

• Primary

Want =

• desire for a commodity

• desire of a commodity+effort to acquire it

• effective desire

_____________________ is the produced means of production.

• Money

• Utility

• Value

• Capital

Name the two active factor of production

Name the two passive factor of production