Introduction to Sport Economic

The core problem in economics study is

• Money

• Scarcity

• Production

• Allocation

Which of the following statement is about microeconomics?

• The growth increased by 5.0 percent last year

• Inflation is about to increased 3.6 percent this year

• The factors of production is limited resources

• The general price level increased by 4 percent last year

“In order to save cost, the “Food Industry” should use more labor than machines.”This statement refers to

• What to produce?

• How to produce?

• How many to produce?

• None of the above

The basic economic questions are _______ EXCEPT:

• What to produce

• For whom should be produce

• Why to produce

• How much to produce

What to produce in Mixed Economy refers to:

• Public goods

• Private goods

• Intermediate goods

• Public and private goods

Opportunity Cost is 

• The alternatives you didn't choose
• The second best alternative 
• The negative aspects of an action
• The choice you made

It is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets.

• Macroeconomics

• Scarcity

• Shortage

• Microeconomics

It is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. It analyzes the broad aspects of a country’s economy.

• Microeconomics

• Scarcity

• Oikonomia

• Macroeconomics

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

• Shortage

• Opportunity Cost

• Scarcity

• Choice

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

• Choices

• Opportunity Cost

• Scarcity

• Shortage