Description

What greek word economics came from?
Who is the father of economics?
Who states that economics is a study of how man works, looks for good and materials need?
Who states that economics is the study of production management and use of scarce resources?
Who states that economics is concerned with the wise allocation of scarce resources?
What are the two divisions of economics?
It is the science of good and sound reasoning or logical reasoning?
It answer the economics problem which are the best solve with this use at numbers and quantitative descriptive?
Refers to the labor force the exertion of human energy in order to produce or in laymans term, to work?
Is the person who combines the other economics resources for use in the production at goods and services?
Labor using mostly hand and body or actual man power action
Labor using mostly born for decision making and planning?
This is very backward economy?
The government owns the means of production, the government dictates what, how, and for whom to produced
The resources are privately ruled the people themselves make decisions
Material or tangible things which are consumed that gives satisfaction?
Tangible things which are useful but scarce?
Are things which are useful but abundant?
Are things which are ready for consumption and gives direct satisfaction?
Goods which are used for the production of other goods and services?
The higher the income the more demand there will be
There is favorable change in taste and preferences because of advertisement and fashion which lead to an increase in demand.
States that if all other factors remain equal the higher the price of a good.
Demonstrates the quantities that will be sold at a certain price
May be defined as the power of goods and services to satisfy wants

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Economic Terms

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running a venture

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Unit 4 Review

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ECONOMIC JARGON

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KEY TERM TOPIC 2.3

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