Economics Quiz

What is the definition of economics?

What is the difference between our needs and wants. Illustrate in your answer.

Discuss in detail the 4 Factors of Production.

Identify one example of each of the four factors of production from above.

Discuss the three different types of economy and give an example for each.

What are the 5 main economic indicators?

What is meant by inflation? Give 3 causes of inflation.

What do we call the index used to calculate inflation?

What is deflation?

What is gross domestic product?