ECONOMICS

What is the end goal of economics?

• To satisfy the unlimited material wants of the society

• To create policies for the government

Which of the following is the best definition of opportunity costs?

• The amount of one good that must be given up in order to produce one more unit of

  another good

• The amount of money that must be paid in order to purchase one more unit of a

  good.

Microeconomics is not concerned with:

• The quantities of each good produced

• The size of aggregate money flows in the economy

According to Walstad and Bingham, what Social Science is concerned with the use of

scarce resources to obtain the maximum satisfaction of the unlimited wants of the

society?

• economics

• geography

What economic resources pertains to all the natural resources found above or below

the soil that could include lands used for agricultural and industrial purposes?

• land resources

• labor resources

In an economy, when all economic decisions are done without government

intervention, competition served as determinant to identify the needs of the society and

competition will determine who will survive in the market, what economic system will

likely be in effect in that economy?

• mixed economy

• capitalism

What refers to a place where the buyers (consumers) and sellers (producers) meet to

agree on the procurement of goods and services?

• Market

• Grocery

One factor of production which include land used for agricultural or

industrial purposes as well as natural resources found above or below the

soil. Ex. Natural Resources

• LABOR

• LAND

Productive services embodied in human physical efforts, skill and

intellectual powers. It consists of human time consumed in production.

• LABOR

• CAPITAL

Durable goods produced in order to produce other goods. This consists of

machineries, factories, offices. Ex: Washing machine for laundry shop

• LABOR

• CAPITAL