APPLIED ECONOMICS MODULE 1

1.WHAT DO YOU CALL THE CONDITION IN W/C OUR WANTS ARE GREATER THAN OUR LIMITED RESOURCES

• ECONOMICS

• OPPORTUNITY COST

• SCARCITY

• TRADE - OFF

2. THINGS THAT YOU GAVE UP WHEN YOU MAKE A CHOICE

• CHOICE

• OPPORTUNITY COST

• PROBLEM

• TRADE- OFF

3. APPLICATION OF ECONOMIC PRINCIPLES AND THEORIES TO REAL-WORLD SITUATIONS

• ECONOMICS

• APPLIED ECONOMICS

• MACROECONOMICS

• MICROECONOMICS

4. WHICH IS NOT A FACTOR OF PRODUCTION?

• CAPITAL

• TAX

• LABOR

• LAND

5.WHAT IS SUPPLY?

• CHOICE THAT YOU GAVE UP

• AMOUNT OF GOODS FOR SALE

• TOTALITY OF OUR NEEDS

• REFERS TO THE ECONOMY

WHEN YOUR WANTS ARE GREATER THAN YOUR RESOURCES

• POVERTY

• SCARCITY

• TRADE-OFF

• UN-EMPLOYMENT

REASON WHY WE ARE STUDYING ECONOMICS?

• POVERTY

• SCARCITY

• TRADE-OFF

• UNEMPLOYMENT

THE ESSENTIALS OF LIFE

• WANTS

• NEEDS

• CAPITAL

• LABOR

DESIRES FOR NON-ESSENTIAL ITEMS

• WANTS

• NEEDS

• CAPITAL

• LABOR

PHYSICAL AND HUMAN EFFORT EXERTED IN PRODUCTION

• WANTS

• NEEDS

• LABOR

• CAPITAL