WorksheetsApplied Eco Review Q1
Total questions: 10
Worksheet time: 3mins
It is concerned about the behavior of the individual units of the economic system.
MICROECONOMICS
MACROECONOMICS
A place where parties can gather to facilitate the exchange of goods and services.
BGC
Kyusi
Market
Economics is a social science that deals with how to allocate scarce resources to satisfy man’s unlimited needs and wants
TRUE
FALSE
It is the willingness of a consumer to buy a certain commodity at a given price.
Supply
Demand
Impulsiveness
Refers to the human effort exerted in production which includes manual workers and professionals
LAND
LABOR
CAPITAL
ENTREPRENEURSHIP
Qd = Qs is the equation used for Market Equilibrium
True
False
it is the application of economic theory and quantitative tools to analyze specific economic problems ......
POSITIVE ECONOMICS
NORMATIVE ECONOMICS
MIXED ECONOMY
APPLIED ECONOMICS
It states that there is an DIRECT RELATIONSHIP between Price and quantity supplied.
Law of Demand
Law of Supply
Market Equilibrium
Branch of economics that deals with the overall performance of national and international economies.
MICROECONOMICS
MACROECONOMICS
If there is an Increase of demand the Demand curve will shift to the ________ .
Left
Right
