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WorksheetsApplied Economics Quiz 1
Total questions: 20
Worksheet time: 24mins
Indicate which economic resource does the following term belongs to.
MINERALS
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
Indicate which economic resource does the following term belongs to.
PRODUCTION EQUIPMENTS
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
Indicate which economic resource does the following term belongs to.
BUSINESS PROPRIETOR (MR. HENRY SY)
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
Indicate which economic resource does the following term belongs to.
FOREST AND MARINE RESOURCES
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
Indicate which economic resource does the following term belongs to.
ENGINEERS
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
It is concerned with the overall performance of the economy.
Macroeconomics
Microeconomics
Positive Economics
Normative Economics
It studies the individual economic units rather than the whole economic system.
Macroeconomics
Microeconomics
Positive Economics
Normative Economics
It refers to the value of the best-forgone alternative. In addition, it is the value of the next highest-valued alternative use of resources.
Scarcity
Relative Scarcity
Absolute Scarcity
Opportunity Costs
When the given resources insufficient to meet the population’s needs and wants. There is a __________________________.
Scarcity
Relative Scarcity
Absolute Scarcity
Opportunity Costs
It happens when a good is scarce compared to its demand. It is ____________________.
Scarcity
Relative Scarcity
Absolute Scarcity
Opportunity Costs
Market Economy is the most democratic form of the economic system and based on the workings of demand and supply which decide on what goods and services to produce
Command Economy is based on traditions, practiced over the years and passed from generation to generation
Normative Economy answers the question “what should be? and it refers to the aspects of the economy that are ideal
Positive Economics “what is”
and it deals with the things that are actually happening in a specific economy
ECONOMICS is the application of various economic theories and practices with the goal of interpreting, explaining, and analyzing particular economic phenomena. Its goal is to provide solutions and answers to those problems and scenarios.
It is also known as the factors of production and
these are resources used to produce goods and services.
(a)
When supply is limited, there is a (a) .
It is social science that deals with the use of scarce resources to satisfy man’s unlimited needs and wants.
(a)
A school teacher who could have worked in a bank, gives up the salary that she would have earned as a bank employee. That salary is his (a) .
Exerting energy to finish work. Payment received from labor is known as wage or salary. I am an economic resource, who am I?
(a)
