Economics (Midterms) - ABM LC Intellegentia Merkados

What are the three basic economic concepts?

• 1. Scarcity, Choice, Microeconomics

• Microeconomics and Macroeconomics

• Scarcity, choice, and opportunity cost

• Microeconomics, Macroeconomics, Production Possibilities Frontier (PPF)

What is a subset of economics that focuses on the smaller agents’ decisions and how they might react in certain situations?

______________ looks at economics at a broader perspective, looking at collectives rather than individual players in the market.

Economists recognize that human wants are limited.

• True

• False

What refers to the limited availability of a resource, good, or service?

• Choice

• Opportunity Cost

• Scarcity

• Utility

This economic question asks for whom the goods and services should be given.

• What should we produce?

• How should we produce it?

• For whom should we produce it?

Enumerate the Four Factors of Production in Economics (use comma to separate each factor)

[e.g. : gold, silver, bronze]

What is the statistical measure in Economic Growth that measures the total value of goods and services produced within a country during a specific period of time?

• Production Possibilities Frontier

• 1. Applied Science

• Gross Domestic Product

• 1. Economic Development Statistics

Among all the choices below, which defines economic development?

• Measuring the welfare and well-being of the economy’s members, it takes a wider range of statistics into consideration.

• 1. It is a subset of sustainable development.

• 1. Development that helps eliminate poverty, improves the living standards of the majority, and provides opportunities for people to live meaningful lives.

• 1. It is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. 

What is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs? 

• 1. Inclusive Growth

• Sustainable Development

• 1. Economic Development

• Economic Growth