SS 9 - Q1 EXAM REVIEW

The Greek word "Oikos" refers to which concept?

• Management

• House

• Resources

• Economy

The term "Nomos" or "Neimen" is associated with which concept in economics?

• Resources

• Management

• Scarcity

• Needs

What does the Greek word “Oikonomia” mean?

• Unlimited wants

• Management of the household

• Limited resources

• Decision-making

Which branch of social science studies how to allocate scarce resources?

• Sociology

• Psychology

• Economics

• Political Science

Microeconomics studies the behavior of what?

• The entire economy

• Large corporations

• Small units of the economy

• Government policy

Macroeconomics studies the economy in which context?

• By individuals

• In sectors

• As a whole

• By resources

What does the question "What to produce?" refer to in economics?

• Quantity of product

• Type of product or service

• Resource allocation

• Product price

The question "How to produce?" focuses on which aspect?

• Machine or building

• Resource distribution

• Profit-making strategy

• Product packaging

"How much to produce?" refers to the what in economics?

• Type of product

• Quantity of product

• Consumer choice

• Resource use

"For whom to produce?" addresses which group?

• Government

• Businesses

• Buyers/Consumers

• Entrepreneurs