1.1 Basic Economic Concepts

(a)   is the study of resources, its utilization and how decesions are made to satisfy unlimited wants with limited resources

Basic necessities of life are called

The basic economic problem is

Select example of needs from below

Things we desire to have are called

Which one of the following is a type of resource

(a)   are the inputs required to produce output

Select the types of resources from below

Selection between two or more commodities are called

Oil is an example of