Economic Thinking

Which of the following is an example of a service?

• A smartphone

• A haircut

• A book

• A car

Which of the following is considered a need rather than a want?

• Designer clothes

• A holiday trip

• Clean drinking water

• A new video game

Microeconomics primarily focuses on:

• National unemployment rates

• Individual consumer behaviour

• Government fiscal policy

• International trade

Which of the following is an example of capital as an economic resource?

• A factory building

• A plot of land

• A worker's skills

• An entrepreneur's idea

Which of the following best describes a good?

• A legal consultation

• A medical check-up

• A loaf of bread

• A cleaning service

Which of the following is an example of a want?

• Basic healthcare

• Shelter

• Education

• A luxury car

Which of the following is an example of labour as an economic resource?

• Machinery

• Office space

• A software developer

• Raw materials

Which of the following is a service rather than a good?

• A laptop

• A meal at a restaurant

• A pair of shoes

• A book

Which of the following is a need for survival?

• Internet access

• A smartphone

• Food

• A television

Microeconomics studies:

• The overall economic growth of a country

• The behaviour of individual markets

• The impact of government policies on the economy

• The trade relationships between countries