Introduction to Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | the situation in which unlimited wants exceed the limited resources available to fulfill those wants.
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| Economics | show 🗑
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| Market | show 🗑
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| Market Analysis | show 🗑
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| show | the study of how households (families that live in houses) and firms (companies) make choices, how they interact in markets, and how the government attempts to influence their choices.
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| Macroeconomics | show 🗑
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| show | a simplified version of reality used to analyze real-world economic situations.
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| show | the highest-valued alternative that must be given up to engage in an activity.
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| show | the idea that because of scarcity, producing more of one good or service means producing less of another good or service.
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| Three fundamental questions: | show 🗑
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| show | consumers have to do the best with what they have.
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| show | decisions based on how big their budget is.
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| show | maximize their utility (make themselves as happy / content as possible) based on their limited financial budget.
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| Constrained Optimisation: Producers | show 🗑
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| Profit | show 🗑
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| Producers make decisions based on | show 🗑
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| show | a combination of land, labour and capital.
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| show | the situation in which a good or service is produced at the lowest possible cost.
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| show | a good or service's marginal benefit is equal to its marginal cost.
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| Voluntary exchange | show 🗑
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| Equity | show 🗑
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| show | economic statements explain economic facts i.e. average income in the UAE is AED 26,000 per month.
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| Normative statements | show 🗑
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| Centrally planned economy | show 🗑
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| Market economy | show 🗑
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| show | an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
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| Entrepreneur | show 🗑
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| Innovation | show 🗑
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| Technology | show 🗑
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| Firm, company, or business | show 🗑
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| show | goods we can see, touch also called tangible goods.
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| show | activities done for others, services, also called intangible goods.
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| Revenue | show 🗑
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| Household | show 🗑
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| Consumer | show 🗑
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| show | natural resources, i.e trees, ocean, fertile land, minerals, sunshine
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| show | human resources, physical or mental
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| show | man-made resources used in the production process i.e. machines in a factory
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| Enterprise | show 🗑
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| Human Capital | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
carolynjm
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