Statistics for Economics: Topic 1, Year 1 Definitions

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This quiz has been taken 30 times
The average score is 10 of 25

Answer Stats

Definition	Answer	% Correct
The study of scarcity.	Economics	84%
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	68%
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	63%
The next best alternative that was given up when making a choice.	Opportunity Cost	63%
What people require for basic human survival.	Needs	58%
Intangible items that satisfy human needs and wants, such as bus journeys, television programmes and the provision of telecommunication links.	Services	58%
A type of economy where the government decides on the production of goods and services.	Command (Planned) Economy	53%
A type of economy in which the goods and services are provided through the market system, except where governents choose to intervene.	Mixed Economy	53%
Human desires beyond the basic needs for human survival.	Wants	53%
All natural resources encompassing not only land, but also minerals such as coal and gold, agricultural crops and livestock.	Land	47%
Statements that can be scientifically proven.	Positive Statements	47%
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	42%
Statements that are matters of opinion and reflect value judgements.	Normative Statements	42%
The scientific study of human society and social relationships.	Social Science	42%
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 can replenish itself over time, so that new additions of the resource can match or exceed levels of use of that resource.	Renewable resources	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	26%
Resources are being used to produce the goods and services that consumers want to buy.	Allocative Efficiency	21%
The provision of goods and services to satisfy needs and wants.	Production	21%
A judgement based on what is deemed to be right and good.	Moral Judgements	16%
Measures how well an economy or firm uses its resources to produce outputs.	Productive Efficiency	16%
Describes the conditions in which a person, animal or plant lives or operates.	Enviroment	11%
A judgement based on the need to appeal to selected groups of people.	Political Judgements	11%
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	11%