Capitalist economic system is also called
Socialist economy
Mixed economy
Free market economy
Economic system
Food, clothing, and shelter are referred to as,
Commodity
Material
Products
Costs
For whom to produce relates to the
Functional distribution of income.
Personal distribution of income
Economic needs of the poor
Limited resources
Choice is fundamental to economic behaviours because
People find it difficult to choose what they want
Resources are scarce in relation to wants
Prices depend on people's choice
Resource scarcity
Scarcity definition of economics was given by
Adam Smith
Alfred Marshall
Robbins
Samuelson
Which one of the following term means 'to manufacture' ?
Produce
Consume
Alter
Destroy
If physical and mental skills are required to make products, such products are called?
Physical resources
Economic resources
Chemical resources
Natural resources
An example of a public good is:
A public utility
Preservation of wet lands
A book
A beautifully landscaped lawn
The total of all the materials that are used for the production of goods and services are called
Economics
Resources
Money
Materials
Private goods are:
Non-rival in consumption and their benefits are excludable
Rival in consumption and their benefits are excludable
Rival in consumption and their benefits are non-excludable
Non-rival in consumption and their benefits are non-excludable
