Econ 1st sem Ex Mod 24

Front

What is the study of how people manage resources and make choices?

Back

Economics

Front

What term describes the limited nature of society's resources?

Back

Scarcity

Front

Which of the following refers to all natural resources used to produce goods and services? Options: Capital, Labor, Land, Goods

Back

Labor

Front

What term describes the effort people contribute to the production process?

Back

Labor

Front

What do we call the tools and equipment used to produce goods and services?

Back

Capital

Front

What do we call the value of the next best alternative that is forgone?

Back

Opportunity Cost

Front

Which term studies the behavior of individuals and businesses in making decisions? Options: Microeconomics, Macroeconomics, Economics, Global Economics

Back

Microeconomics

Front

What is the study of the economy as a whole called?

Back

Macroeconomics

Front

What type of economy relies on supply and demand to determine prices? Options: Command Economy, Traditional Economy, Market Economy, Mixed Economy

Back

Market Economy

Front

What type of economy is controlled by the government? Options: Market Economy, Traditional Economy, Command Economy, Mixed Economy

Back

Command Economy