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WorksheetsThe Basic Terms of Economics
Total questions: 15
Worksheet time: 10mins
Microeconomics examines the cause-and-effect relationships that ... choices of individuals, business firms and society.
(a)
Which is the odd-one-out if we talk about microeconomics?
Scarcity
Consumption
Unemployment
Opportunity costs
High unemployment shouls be turned into low unemployment is a ... goal.
(a)
It is the act of using resources to satisfy current needs and wants.
Substitute
Production
Opportunity cost
Consumption
When supply of a resource cannot meet demand.
Scarcity
Factors of production
Opportunity cost
Debt
These are similar to product markets but refer to the components that are required for production, not just the products.
Households
Producers
Consumers
Resource market
What are the factors of production?
Labour, land, capital, entrepreneurship
Consumers, Producers
Households, companies
Supply and demand
People engage in activities such as fishing and hunting.
Market economy
Command economy
Mixed economy
Traditional economy
This economy is controlled and coordinated by the state.
Planned economy
Market economy
Mixed economy
Traditional economy
Production and allocation of resources are prescribed by the state.
Traditional economy
Mixed economy
Command economy
Market economy
Resources are allocated through the price mechanism.
Mixed economy
Planned economy
Market economy
Traditional economy
The second ingredient is the desire to earn profits.
Command economy
Market economy
Traditional economy
Mixed economy
The profit motive gives sellers the incentive to produce at the (a) possible cost.
The black economy is strong because of the shortage economy.
Market economy
Command economy
Mixed economy
Traditional economy
There is (a) economy in most democratic countries.
