Basic Concepts in Economics -1

Factors of production include the followings:

• Land

• Labour

• Capital

• Technology

Following are the concepts of macro economics:

• Wants

• Economic growth and development

• Trade cycles

• Goods and services

Statements which are correct relating to wealth:

• Wealth is external

• Wealth is scare

• Wealth is exchangeable

• Wealth has no utility

Natural science: exact science:: social science: _______

• Empirical science

• Abstract science

• Experimental science

• Accurate science

Economic growth:__________:: economic development: qualitative

• Measurable

• Quantitative

• Abstract

• Multi dimensional

Land:_______:: Labour: wages

• Salary

• Profit

• Rent

• Interest

Find the odd word

• Mathematics

• Physics

• Chemistry

• Psychology

The origin of the term 'Economics' lies in the ___________ word.

• French

• Portuguese

• Greek

• British

Laissez faire means _____________

• Intervention of the government

• Intervention of Private Individuals

• Non-intervention of the government

• Non-intervention of the individual

Adam Smith was a ____________ economist.

• Classical

• Neo-classical

• Modern