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WorksheetsIntroduction to Economics Part 2
Total questions: 10
Worksheet time: 6mins
This type of good does not have a price
Free good
Economic good
Merit good
Demerit good
Which is NOT one of the fundamental economic question
What to produce
How to produce
When to produce
For whom to produce
Because ALL resources are limited – WE MUST MAKE _______
Buy items
Think twice
Make choices
Economize
Choices arise as a result of:
Unlimited resources
Limited wants
Scarcity
Economics
Economics is derived from a Greek word ‘Oikonomikos’ that means
Home management
Economy management
Country management
Scarcity
Economics is:
The study of how we make decisions about using scarce resources
The study of the economy
The study of governments
The study of money and how it is used in the economy
The inputs used in the production of goods and services
Products
Productivity
Resources
Data
This branch of economics deals with how individuals make economic decisions
Microeconomics
Macroeconomics
Nanoeconomics
Econometrics
Economists assume:
That people are easily manipulated
People love low prices above anything else
People are rational
People weigh all the benefits and cost before deciding
Where government decides the three economic questions:
Traditional economy
Command or Planned economy
Market economy
Subsistence economy
