Economics Concept Check-up

There is a concept that deals on how the people budget their limited resources.

• Supply

• Demand

• Consumption

• Resource Allocation

Check all concepts that apply with DEMAND.

• Production

• Consumption

• Needs

• Unlimited

____________ is an economic activity that refers to ways on how goods and services are channeled to the consumer

ANALYSIS:

Demand: Supply ; Consumption: ___________

• Allocation

• Scarcity

• Distribution

• Production

The basic economic problem that is long-run by nature and acts as the gap between the demand and supply.

• Shortage

• Scarcity

• Resource Allocation

• Budget deficit

Check all concepts that can be related to the concept of SUPPLY.

• Limited

• Needs and Wants

• Consumption

• Goods and Services

The government distributed equal amount of subsidy to people through the Social Amelioration Program.

What specific economic concept can we deduced from the statement.

• Scarcity

• Economics

• Production

• Resource Allocation

During the lockdown, local government units distributed essential goods to their constituents.

This highlights what particular concept where people are just induced with basic goods.

• Needs

• Wants

• Demand

• Products

Many hospitals in Metro Manila experienced a problem where supplies were depleting such as N95 masks, protective suits, alcohols and utilities for safety.

What economic concept is present in the situation?

• Scarcity

• Shortage

• Demand

• Goods and Services

This is a social science that deals on how scarce human and non-human resources are allocated to fulfill the unlimited needs and wants of the people.

• Ethics

• Finance

• Economics

• Business Management