Applied Economics 1Q Quizzes and Summative Test

Write your Name and your Grade and Section.

Example: Rosa S. Maputi, 12 - Mahalimuyak

LESSON 1

Identification. Provide the correct term or concept based on the description.

A macroeconomic theory that focuses on total spending in the economy and its effects on output, employment, and inflation.

The study of how people and societies allocate their limited resources to satisfy their unlimited wants and needs.

The concept of foregoing or sacrificing the benefits that would have been derived from alternatives not selected.

A set of ideas and principles that outline how different economies function.

The idea that increasing consumption of goods and services leads to personal satisfaction and societal welfare.

Enumeration. List the correct terms or concepts based on what is needed.

Give two descriptions why economics is a social science.