Applied Economics Midterm

It is a social science that involves the use of scarce resources to satisfy unlimited wants.

• Relative Scarcity
• Scarcity
• Economics
• Applied Economics

It is a condition where there are insufficient resources to satisfy all the needs and wants of a population.

• Relative Scarcity
• Scarcity
• Economics
• Resources

When a good is scarce compared to its demand.

• Relative Scarcity
• Scarcity
• Economics
• Resources

When supply is limited, what kind of scarce is it?

• Relative Scarcity
• Absolute Scarcity
• Economics
• Resources

It refers to the value of the best foregone alternative.

• Land
• Opportunity cost
• Labor
• Capital

It is a kind of economic resources which soil and natural resources that are found in nature and not man-made.

• Land
• Opportunity Cost
• Labor
• Capital

It is a kind of economic resources which physical and human effort exerted in production.

• Land
• Opportunity Cost
• Labor
• Capital

It is a man-made resources used in the production of goods and services, which include machineries and equipment.

• Land
• Opportunity Cost
• Labor
• Capital

It is a division of economics that is concerned with the overall performance of the entire economy.

• Microeconomics
• Macroeconomics
• Traditional Economy
• Market Economy

It is a division of economics that is concerned with the behavior of individual entities such as consumer, the producer, and the resource owner.

• Microeconomics
• Macroeconomics
• Traditional Economy
• Market Economy