
Economics
Authored by Randy Fajilagutan
Social Studies
2nd Grade

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1.
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1 min • 1 pt
It concerns with using scarce (limited) resources to obtain the maximum satisfaction of the unlimited material wants of society
2.
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1 min • 1 pt
It is the central concept of the economics
3.
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1 min • 1 pt
It concerned with the behavior and activities of specific economic units (individual/ household, consumer/ producer, supply/ demand, and etc.)
4.
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1 min • 1 pt
it is the central concept of macro-economics
5.
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1 min • 1 pt
It concerned with the behavior of the economy as a whole with respect to output, income, price level, foreign trade, unemployment, and other aggregate economic variables
6.
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It is the central concept of micro-economics
7.
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"Father of Economics"
"Father of Capitalism"
Author of "The Wealth of Nations"
Also known for his concept "Laissez Faire" ("let alone") and "Invisible Hand"
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