Basic concepts of economics

Want satisfying power of a commodity is ________________.

• Value

• Utility

• Human wants

• Goods

All the money is capital.

• True

• False

Anything that helps in the process of production of a commodity or service is __________________.

• Capital

• Wealth

• Factors of Production

• Labour

_______________ is a money concept.

• Price

• Wealth

• Money

• Value

A system by which people get a living and satisfy their want is ________________________

• Factor of Production

• Human wants

• Goods

• Economy

The factor income for this factor of production is 'Profit'.

• Land

• Labour

• Organisation

• Capital

Savings = _______________________

• Y - C

• C - Y

• C + Y

• Y + C

State weather the statement is true or false

The price of 5 kg wheat is 3 kg rice.

• False

• True

Goods =____________________

• all material things that have value.

• all material and immaterial things that have value and satisfy human wants.

• only all immaterial things that have value and satisfy human wants.

• all material and immaterial things that have value

These two are passive factors of production

• Land, Labour

• Labour, Organisation

• Land, Capital

• Capital, Organisation