Economics is the study of
Production Technology
Consumption decisions
How society decides what ,how and for whom to produce
The best way to run society
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
____ is used to produce more goods and service in the future .
Physical capital
Human capital
Natural capital
Social capital
______ refers to raising the standard of living and well being of people .
Economic development
Economic growth
Macro economics
Micro economics
The resources in an economy :
Are always fixed
Can never decrease
Always increase overtime
Are limited at any moment in time .
_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Consumption
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
Macroeconomics is the study of
Individual building blocks in the economy .
The relationship between different sectors of the economy .
Household purchase decisions
Which of the following is a normative statement in economics ?
More spending by the government reduces poverty
Higher taxes lead to less desire to walk .
The UK economy is growing fast relative to other European union members .
The government should concentrate on reducing unemployment .
If an economy is productively efficient :
Every one is wealthy
Resources are unemployed
More of one product can only be produced if less of another product is produced .
The distribution of income is equal
