Humanities(Economics)

Question 1

What is the study of how people use their limited resources satisfy unlimited wants?

Accepted Answer

economics

Question 2

in the study of economics, trade-off means_____

Accepted Answer

giving up all or part of something to get something else

Question 3

in the study of economics, resources are also known as___

Accepted Answer

factors of production

Question 4

What are things people must have to survive?

Accepted Answer

needs

Question 5

which of the following factors of production would a mahine belong to?

Accepted Answer

man-made resources

Question 6

what are the ingredients that go into maling goods and services?

Accepted Answer

productive resources

Question 7

which one of the following is a productive resource?

Accepted Answer

land

Question 8

What is opportunity cost?

Accepted Answer

The benefit sacrificed by giving up the next best choice

Question 9

What is the reward for human resources used in productive activities?

Accepted Answer

wages

Question 10

Which one of the following is a factor of production?

Accepted Answer

man-made resources

Question 11

What is scarcity?

Accepted Answer

limited or scarce resources are not able to meet the needs

Question 12

What is the process of trading one good or service for another?

Accepted Answer

exchange

Question 13

which of the following is a producer?

Accepted Answer

a farmer

Question 14

What is the reward for land?

Accepted Answer

rent

Question 15

a mixed economy is one that has ____

Accepted Answer

a public and private sector

Question 16

microeconomics is concerned with _____

Accepted Answer

the study of individual economic behaviour

Question 17

a producer is ____

Accepted Answer

a person or business that supplies goods or services

Question 18

___ does not have opportunity cost?

Accepted Answer

free goods

Question 19

which of these are human resources?

Accepted Answer

staff

Question 20

What is the reward of labour?

Accepted Answer

wages

Question 21

whuch of the following is an advantage of the market economic system?

Accepted Answer

it responds quickly to consumer wants

Question 22

What is production possibility curve?

Accepted Answer

a graph that shows combined maximum possible outputs

Question 23

What are needs?

Accepted Answer

Human requirements for life and survival

Question 24

What are acts performed for business for a fee?

Accepted Answer

industrial services

Question 25

why is there a need to make choices?

Accepted Answer

because resources are scarce

Question 26

What are used by industries to produce other goods and services

Accepted Answer

industrial goods

Question 27

What is the reward for entrepreneurs?

Accepted Answer

profit

Question 28

what is bringing together the different ingredients that go onto making a product?

Accepted Answer

entrepreneurship

Question 29

Skills and knowledge of an entrepreneur is known as?

Accepted Answer

enterprise

Question 30

What us the reward for Capital?

Accepted Answer

Interest

Humanities(Economics)

Questions 30

Humanities(Economics)

Questions 30