Applied Economics - Review Quizizz

It is all about wealth and how this wealth is being used by individuals and society at large for material survival, stability, and development.

• Social Responsibility
• Economics
• Ergonomics
• Social Science

In decision making, there are costs and sacrifices that the business enterprises have to carry. What is this cost?

• Total Cost
• Opportunity Cost
• Variable Cost
• Expenses

It can be defined as products of nature, qualities of individuals, and man-made things which are used in producing goods or services.

• Resources
• Environment
• Economic Value
• All of the Above

These are qualities of human beings that may include, labor, intelligence, creativity, health, education, talents, and many more.

• Natural Resources
• Human Resources
• Man-made Resources

This resources may include various types of buildings, equipment, technology, bridges, airports, factory plants and other physical infrastructure that can be used to provide present and future satisfaction.

• Natural Resources
• Human Resources
• Man-made Resources

It is the primary objective of a business.

• Profit
• Social Responsibility
• Environmental Responsibility

It can be described as differentiated or expanded human needs.

• Resources
• Human wants
• Human needs

It can be defined as a social mechanism to respond to the economic problem of scarcity.

• Resources
• Allocation
• Economics

It is a condition when the supply of a good, service, or resource is not enough to meet the demand.

• Scarcity
• Shortage
• Both scarcity and shortage

It is an allocation mechanism operating on the price mechanism provides incentives and disincentives to consumers and producers that respond to the problem of scarcity.

• Market System
• Command System
• Tradition System