ECONOMICS UNIT 1: INTRODUCTION TO
ECONOMICS EXAM LATEST UPDATE 2024/2025
QUESTIONS AND ANSWERS GRADED A+
Need - ✔✔ANSWER✔✔-Something essential for survival.
Want - ✔✔ANSWER✔✔-Something that people desire but that
is not necessary for survival.
Goods - ✔✔ANSWER✔✔-The physical objects that someone
produces.
,Services - ✔✔ANSWER✔✔-The actions or activities that one
person performs for another.
Scarcity - ✔✔ANSWER✔✔-The principle that limited amounts
of goods and services are available to meet unlimited wants.
Economics - ✔✔ANSWER✔✔-The study of how people seek to
satisfy their needs and wants by making choices.
Shortage - ✔✔ANSWER✔✔-A situation in which consumers
want more of a good or service than producers are willing to
make available at a particular price.
Entrepreneur - ✔✔ANSWER✔✔-A person who decides how to
combine resources to create goods and services.
Factors of production - ✔✔ANSWER✔✔-The resources that are
used to make goods and services.
Economic System - ✔✔ANSWER✔✔-The structure of methods
and principles that a society uses to produce and distribute
goods and services.
, Factor Payment - ✔✔ANSWER✔✔-The income people receive
in return for supplying factors of production.
Profit - ✔✔ANSWER✔✔-The amount of money a business
receives in excess of its expenses.
Safety Net - ✔✔ANSWER✔✔-A set of government programs
that protect people who face unfavorable economic conditions.
Standard of living - ✔✔ANSWER✔✔-Level of economic
prosperity.
Land - ✔✔ANSWER✔✔-All natural resources used to produce
goods and services.
Labor - ✔✔ANSWER✔✔-The effort people devote to tasks for
which they are paid.
Capital - ✔✔ANSWER✔✔-Any human-made resource that is
used to produce other goods and services.
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