Assessment 1- Applied Eco

Economics is a science because:

• It can predict the future

• It measures the quantity of output

• It conducts experiment in a laboratory

• It undergoes observation and experimentation

A study of economics can describe all aspects of a:

• Market

• Production function

• Country's economy

• Consumption of individuals

Economics is a social science because it deals with:

• Experimentation

• Human nature

• Natural resources

• Plants and animals

Economics is derived from the Greek word "oikanomia" meaning:

• Social management

• Political management

• Economic management

• Household management

Scarcity of resources means:

• Slight resources

• Excess resources

• Shortage of resources

• Minimum resources

Allocation of resources means:

• Stocking of resources

• Keeping of resources

• Protection of resources

• Apportionment of resources

It refers to the allocation of products among factors of production:

• Exchange

• Production

• Consumption

• Distribution

Branch of economics that studies the behaviour and performance of an economy as a whole.

Branch of knowledge that deals with the production, distribution and consumption of goods and services

The study of individuals, households and firms' behaviour in decision making and allocation of resources.