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WorksheetsGame of the Economists
Total questions: 15
Worksheet time: 7mins
This means the cost or value of the next best foregone alternative.
Scarcity
Opportunity Cost
Trade-Off
Economics
Choosing between your first love and your great love is an example off
(a)
The gap between limited resources and limitless wants.
Trade-offs
Economics
Scarcity
Opportunity Costs
Encircle your cute Applied Economics teacher
An increased need for military assistance causes a country to deploy more soldiers, but there are not enough enlisted soldiers to meet demand at the moment. This is an example of...
Absolute Scarcity
Relative Scarcity
All are economic sources, except:
Land
Machine
Labor
Entrepreneurship
Capital
Now is the best time to talk about the economy of the Philippines because...
Focuses on the behavior of individual consumers or firm who make decisions; these individuals can be a single person, a household, a business/organization or a government agency
Microeconomics
Macroeconomics
What are the three basic economic problems?
This states that as the price of a good or service that producers are willing and able to offer for sale during a period of time increases, the quantity of a good or service supplied increases.
The Law of Supply
The Law of Demand
Supply and Demand are inversely proportional to one another. Which of the following shows the relationship of these two economic principles towards price?
A. Price Up, Demand Down, Supply Up
B. Price Down, Demand Down, Supply Down
C. Price Up, Demand Down, Supply Down
D. Prince Down, Demand Up, Supply Up
Put a star to the economic system where m wherein decisions on who gets what of available resources, goods, or services are centralized in the government or a planning committee.
Written below are some of the unique characteristics of the different types of market structures, you need to fill-in the classify if the following are a unique characteristic of what market structure: FOCUSED IN ADVERTISING
Pure Competition
Monopolistic Competition
Monopoly
Oligopoly
Provides high-level advice to policymakers in Legislative and Executive branches
PSA
BIR
PCGG
NEDA
What is your biggest learning or realization after discussing all the topics in Applied Economics?
(Include 1 in your answer)
(a)
