QUIZ IN APPLIED ECONOMICS

What are the 3 Economic Systems in Economics as an Applied Science.

• HOW TO PRODUCE

• FOR WHOM TO PRODUCE

• WHAT TO PRODUCE

• for what to produce

• how to do it

It is the application of Statistical and Mathematical theories to economics.

They believe that "applied economics" have started 200 years ago in the writings of two economists

• Jean-Baptiste say & john Stuart Mill
• John Miller & Adam Smith

• Milton Friedman & Alfred Marshall

• Hannah Mae & Nor Faiza

It is the Quality of output must come first before the quantity

• HOW TO PRODUCE

• WHAT TO PRODUCE

• FOR WHOM TO PRODUCE

A type of basic economic problem that goods and services must be based on the need of the consumers.

• HOW TO PRODUCE

• WHAT TO PRODUCE

• FOR WHOM TO PRODUCE

A Basic economic problem that has something to do with the distribution

• HOW TO PRODUCE

• WHAT TO PRODUCE

• FOR WHOM TO PRODUCE

ITS THE MONEY THAT AN INDIVIDUAL EARNED FROM WORK OR BUSINESS RECEIVED FROM INVESTMENTS.