1.1 Basic Economic Concepts

__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

• wants

• resources

• capital

• needs

The basic economic problem is

• scarcity

• wants

• Lunch

• book

Select example of needs from below

• Food

• Water

• iphone

• shelter

Things we desire to have are called

• Needs

• Wants

• Resources

• Phone

Which one of the following is a type of resource

• Economics

• Scarcity

• Natural resource

• Wants

_____ are the inputs required to produce output

Select the types of resources from below

• Non renewable resources

• Natural resources

• Human resources

• Manufactured resources

Selection between two or more commodities are called

• Opportunity cost

• Choice

• Scarcity

• Alternative use of resources

Oil is an example of

• Renewable resources

• Non renewable resources

• Human resources

• Capital