APPLIED ECONOMICS

This is the application of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes.

• APPLIED ECONOMICS

• FACE MASK

• PANIC BUYING

• ECONOMETRICS

2. Came from nature that are used in production including land, raw materials and natural processes.

• OPPORTUNITY COST

• ECONOMETRICS

• NATURAL RESOURCES

• APPLIED ECONOMICS

3. Goods and services to be produced are based on the needs of the consumers.

• WHAT TO PRODUCE

• HOW TO PRODUCE

• WHEN TO PRODUCE

• WHY TO PRODUCE

4. This has something to do with the combination of resources to be used.

• WHAT TO PRODUCE

• HOW TO PRODUCE

• WHEN TO PRODUCE

• WHY TO PRODUCE

5. Is the application of statistical and mathematical theories to economics for the purpose of testing hypotheses and forecasting future trends.

• OPPORTUNITY COST

• ECONOMETRICS

• NATURAL RESOURCES

• APPLIED ECONOMICS