BOP L2

What is Economics?

• The study of stars and planets

• The social science that studies how societies allocate scarce resources

• The study of ancient civilizations

• The science of weather patterns

Who is known as 'The Father of Economics'?

• Albert Einstein

• Isaac Newton

• Adam Smith

• Charles Darwin

What does Economics analyze?

• The behavior of stars and planets

• The behavior of individuals, businesses, and governments in making choices about resources

• The history of ancient civilizations

• The patterns of weather changes

What are the resources and inputs used to produce goods and services called?

• Factors of production

• Factors of consumption

• Factors of distribution

• Factors of marketing

How many conventional factors of production are there in economics?

• Two

• Three

• Four

• Five

Which of the following is NOT a factor of production?

• Land

• Labour

• Capital

• Marketing

What is another term used to refer to the factors of production?

• Outputs

• Inputs

• Products

• Services

What are included in the natural resources utilized in manufacturing?

• Soil, water, minerals, forests, and other raw materials

• Only soil and water

• Only minerals and forests

• Only raw materials

What does "land" metaphorically represent in the context of manufacturing?

• The natural resources and physical space used in the producing process

• Only the physical space used in the producing process

• Only the natural resources used in the producing process

• The machinery used in the producing process

Which of the following is NOT mentioned as a natural resource in the text?

• Soil

• Water

• Air

• Minerals