Economics Basics

Question 1

The science concerned with the production, distribution and consumption of goods and services

Accepted Answer

Economics

Question 2

Microeconomics is the study of individual agents and markets

Accepted Answer

true

Question 3

In economics 'Should people use technology?' is a...

Accepted Answer

normative question

Question 4

Fundamental economic problem of having unlimited human wants and needs in a world of resources

Accepted Answer

scarcity

Question 5

The loss of other alternatives when one alternative is chosen

Accepted Answer

opportunity cost

Question 6

The use of maths and statistics in economics to predict future trends is known as

Accepted Answer

Econometrics

Question 7

Goods or services that are required and essential

Accepted Answer

need

Question 8

Macroeconomics is the study of individual agents and markets

Accepted Answer

false

Questions 8