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Economics: Topic 1, Year 1 Definitions - Statistics
General Stats
- This quiz has been taken 35 times
- The average score is 10 of 25
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| The study of scarcity. | Economics | 82%
|
| Goods produced solely in order to assist production of other goods. Examples include machinery, office equipment and company vehicles. They are vital because they enable an economy to increase output in the future. | Capital | 73%
|
| The human effort, both physical and mental, used in the production of goods and services. | Labour | 68%
|
| Tangible items that can be seen or touched and that satisfy human needs and wants, such as bread, cars and mobile phones. | Goods | 64%
|
| The next best alternative that was given up when making a choice. | Opportunity Cost | 64%
|
| Intangible items that satisfy human needs and wants, such as bus journeys, television programmes and the provision of telecommunication links. | Services | 64%
|
| What people require for basic human survival. | Needs | 55%
|
| A type of economy where the government decides on the production of goods and services. | Command (Planned) Economy | 50%
|
| All natural resources encompassing not only land, but also minerals such as coal and gold, agricultural crops and livestock. | Land | 50%
|
| A type of economy in which the goods and services are provided through the market system, except where governents choose to intervene. | Mixed Economy | 50%
|
| Human desires beyond the basic needs for human survival. | Wants | 50%
|
| A type of economy in which the markets decides on the prodction of goods and services through the use of demand and supply. | Market Economy | 45%
|
| Statements that can be scientifically proven. | Positive Statements | 45%
|
| Statements that are matters of opinion and reflect value judgements. | Normative Statements | 41%
|
| A resource that can replenish itself over time, so that new additions of the resource can match or exceed levels of use of that resource. | Renewable resources | 36%
|
| The scientific study of human society and social relationships. | Social Science | 36%
|
| The combining of the other factors of production in order to produce goods and services. Entrepreneurs undertake this action and are motivated by profit. | Enterprise | 32%
|
| A resource that cannot replenish itself over time, so that once it is used it is no longer available in its original form. | Non-renewable resources | 32%
|
| The provision of goods and services to satisfy needs and wants. | Production | 27%
|
| Resources are being used to produce the goods and services that consumers want to buy. | Allocative Efficiency | 18%
|
| A judgement based on what is deemed to be right and good. | Moral Judgements | 14%
|
| Measures how well an economy or firm uses its resources to produce outputs. | Productive Efficiency | 14%
|
| Describes the conditions in which a person, animal or plant lives or operates. | Enviroment | 9%
|
| A judgement based on the need to appeal to selected groups of people. | Political Judgements | 9%
|
| Shows the maximum combination of products (goods and services) that can be provided by an economy or a firm during a given period of time with the resources available. | Production Possibility Diagram | 9%
|
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