MOCK TEST FOR GRADE 9 2nd

Front

What is the fundamental economic problem?

Back

SCARCITY

Front

What is the basic unit of the economy to which every individual belongs?

Back

FAMILY

Front

Study of the economy as a whole.

Back

MACROECONOMICS

Front

Father of Microeconomics

Back

ALFRED MARSHALL

Front

Father of Macroeconomics

Back

JOHN MAYNARD KEYNES

Front

The concept on the use of resources that means “what may be abundant to some people may be scarce or limited to others”

Back

RELATIVE SCARCITY

Front

Studies the economic behaviors and decisions made by the small units of the economy.

Back

MICROECONOMICS

Front

It is defined as the basic requirement for survival.

Back

NEEDS

Front

Who created the hierarchy of needs?

Back

ABRAHAM MASLOW

Front

Things that people wish.

Back

WANTS