Economics Review Mid

The word economic's comes from two Greek words, "Eco" meaning _____ and "Nomos" meaning _____

• Home/Account

• House/Account

• System/Home

• Want/Need

Economic ______ means an inprovement in the quality of life and living standards

• Growth

• Prosper

• Development

• Increase

What are 3 basic economic questions?

Demand function (Equation)

Between buyers and sellers so that preferences can be indicated and goods and services offered for sale.

• Means of "Communication"

• Mode of "Communication"

• Medium of "Communication"

• Meaning of "Communication"

Economic ____ means an increase in real national income / national output

• growth

• development

• efficiency

• freedom

What are the 4 Economic systems?

Is a social science that deals with the study of proper allocation of scarce resources

We have to consider our ____ or other available alternative

• choices

• wants

• needs

• luxury

_____ Is said to be the main reason for us to study Economics

• Scarcity

• Scarsity

• Varsity