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WorksheetsIBECO - Concepts
Total questions: 26
Worksheet time: 14mins
What is NOT economics?
A natural science
A social science
A science focusing on the study of society and how they interact with each other
A science that studies human behaviour as a relationship between ends and scarce resources
What is the basic economic problem?
We have finite wants and only limited time to satisfy them
Resources are relatively scare and wants are infinite, which lads to choices to be made
We have scarce knowledge yet want to achieve Level 7
What are goods?
Physical objects that are capable of being touched (tangible) e.g. mobile phones, vegetables, cars
Intangible things that can be touched, e.g. mobile-phone repairs, car insurance, haircuts
Things that we must have to survive, such as food, shelter, clothing
Things that we would like to have but which are not necessary for our immediate physical survival, such as television and mobile phones
What are services?
Physical objects that are capable of being touched (tangible) e.g. mobile phones, vegetables, cars
Intangible things that can be touched, e.g. mobile-phone repairs, car insurance, haircuts
Things that we must have to survive, such as food, shelter, clothing
Things that we would like to have but which are not necessary for our immediate physical survival, such as television and mobile phones
What are wants?
Physical objects that are capable of being touched (tangible) e.g. mobile phones, vegetables, cars
Intangible things that can be touched, e.g. mobile-phone repairs, car insurance, haircuts
Things that we must have to survive, such as food, shelter, clothing
Things that we would like to have but which are not necessary for our immediate physical survival, such as television and mobile phones
What are needs?
Physical objects that are capable of being touched (tangible) e.g. mobile phones, vegetables, cars
Intangible things that can be touched, e.g. mobile-phone repairs, car insurance, haircuts
Things that we must have to survive, such as food, shelter, clothing
Things that we would like to have but which are not necessary for our immediate physical survival, such as television and mobile phones
What is the definition of Economics?
the scientific study of the human mind and its functions, especially those affecting behaviour in a given context.
the study of the development, structure, and functioning of human society.
The study of the choices that people make in overcoming the problems that arise because resources are limited while needs and wants are unlimited
The study of human societies and cultures and their development.
Is there any such thing as a free lunch?
Yes - always take free food
No - the resources in the lunch could have been used for something else
What are the two main areas of economics?
Micro
Meso
Macro
Exo
Paleo
What is microeconomics?
Focuses on consumers and producers and the choices they make in response to change
Investigates factors affecting the economy as a whole
Focuses on individual markets
Focuses on broader objectives of inflation, unemployment, growth and distribution of income
Considers individual industries to see how producers interact and compete
What is macroeconomics?
Focuses on consumers and producers and the choices they make in response to change
Investigates factors affecting the economy as a whole
Focuses on individual markets
Focuses on broader objectives of inflation, unemployment, growth and distribution of income
Considers individual industries to see how producers interact and compete
What is macroeconomics?
Focuses on consumers and producers and the choices they make in response to change
Investigates factors affecting the economy as a whole
Focuses on individual markets
Focuses on broader objectives of inflation, unemployment, growth and distribution of income
Considers individual industries to see how producers interact and compete
Which is NOT one of the factors that is used to produce goods and services?
Land
Labour
Capital
Industrialism
Entrepreneurship
What is land, as a factor of production?
Natural resources, provided by nature that are used to produce goods
Human resources used in producing goods and services
Anything the has been made by humans and is used to produce a good or service
Organisation of factors and risk taken to produce the goods and services
What is labour, as a factor of production?
Natural resources, provided by nature that are used to produce goods
Human resources used in producing goods and services
Anything the has been made by humans and is used to produce a good or service
Organisation of factors and risk taken to produce the goods and services
What is capital, as a factor of production?
Natural resources, provided by nature that are used to produce goods
Human resources used in producing goods and services
Anything the has been made by humans and is used to produce a good or service
Organisation of factors and risk taken to produce the goods and services
What is entrepreneurship, as a factor of production?
Natural resources, provided by nature that are used to produce goods
Human resources used in producing goods and services
Anything the has been made by humans and is used to produce a good or service
Organisation of factors and risk taken to produce the goods and services
As an economic concept, what is scarcity?
limited availability of economic resources relative to society's unlimited demand
fairness with regards to income, wealth or opportunity
level of prosperity and quality of living standards
ability of present generation to meet its needs without compromising the ability of future generations to meets its own
principle that the world is in continual state of flux and economists must be aware and adapt thinking accordingly
As an economic concept, what is equity?
limited availability of economic resources relative to society's unlimited demand
fairness with regards to income, wealth or opportunity
level of prosperity and quality of living standards
ability of present generation to meet its needs without compromising the ability of future generations to meets its own
principle that the world is in continual state of flux and economists must be aware and adapt thinking accordingly
As an economic concept, what is economic wellbeing?
limited availability of economic resources relative to society's unlimited demand
fairness with regards to income, wealth or opportunity
level of prosperity and quality of living standards
ability of present generation to meet its needs without compromising the ability of future generations to meets its own
principle that the world is in continual state of flux and economists must be aware and adapt thinking accordingly
As an economic concept, what is sustainability?
limited availability of economic resources relative to society's unlimited demand
fairness with regards to income, wealth or opportunity
level of prosperity and quality of living standards
ability of present generation to meet its needs without compromising the ability of future generations to meets its own
principle that the world is in continual state of flux and economists must be aware and adapt thinking accordingly
As an economic concept, what is change?
limited availability of economic resources relative to society's unlimited demand
fairness with regards to income, wealth or opportunity
level of prosperity and quality of living standards
ability of present generation to meet its needs without compromising the ability of future generations to meets its own
principle that the world is in continual state of flux and economists must be aware and adapt thinking accordingly
As an economic concept, what is choice?
Scarce resource results in complex decisions between competing alternatives, all of which have a cost
Making the best possible use of scarce resources to produce the combination of goods and services that are optimum for society
The role of government in market, necessitated by the free market's failure to certain goals
The relationship between economic actors and consideration of how decision by one affects others
As an economic concept, what is efficiency?
Scarce resource results in complex decisions between competing alternatives, all of which have a cost
Making the best possible use of scarce resources to produce the combination of goods and services that are optimum for society
The role of government in market, necessitated by the free market's failure to certain goals
The relationship between economic actors and consideration of how decision by one affects others
As an economic concept, what is intervention?
Scarce resource results in complex decisions between competing alternatives, all of which have a cost
Making the best possible use of scarce resources to produce the combination of goods and services that are optimum for society
The role of government in market, necessitated by the free market's failure to certain goals
The relationship between economic actors and consideration of how decision by one affects others
As an economic concept, what is interdependence?
Scarce resource results in complex decisions between competing alternatives, all of which have a cost
Making the best possible use of scarce resources to produce the combination of goods and services that are optimum for society
The role of government in market, necessitated by the free market's failure to certain goals
The relationship between economic actors and consideration of how decision by one affects others
