Economics basics

A dentist provides

• A good

• A service

Which one is an example of a good?

• a nurse

• a firefighter

• shoes

• a teacher

Economics is a

• Social science, as it is connected with politics and sociology

• Natural science as it study the physical world

• Social science, as it deals with human behaviour

Scarcity

• resources are infinite, and wants are finite

• resources are limited, and wants are infinite

• both resources and wants are finite

• both resources and wants are unlimited

Which field of economics studies the economy as a whole?

(a)  

Which one is a factor of production?

• Machinery

• Economist

• Rivers and forests

• All answers are correct

Identify the main types of capital

(a)  

A worker who has special skills, and new ideas is a part of

• Labour

• Capital

• Entrepreneurship

Which one is physical capital?

• 1

• 2

• 3

• 4

The value of the alternative good or service that must be given up to get another product is called ...

(a)