_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Consumption
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Economic development
Economic growth
Social development
_________ are also called gift of nature .
Natural resources
Man made
Capital
Buildings and machines
In the mixed economy
Economic problems are solved by the government and market
Economic decisions are made by the private sector and free market
Economic allocation is achieved by the invisible hand
Economic questions are solved by government departments .
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 .
_________ refers to an increase in the capacity of an economy to produce goods and services compared from one period of time to another .
Macro economics
Micro economics
Macroeconomics is the study of
Individual building blocks in the economy .
The relationship between different sectors of the economy .
Household purchase decisions
The economy as a whole
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
__________ includes the physical and mental effort that people contribute to the production of goods and services .
Land
Labour
Distribution
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
