‘122122, 1037 AM MIDTERM EXAM Review: MIDTERM EXAM Respondent 41 Julie Arnosa 68:19 0/100 Time to complete Points © Needs review Score / 10 pts Needs review 1. Specify at least 3 out of 4 types of economic resources you know in our class? Explain each briefly. Economic Resources are resources that are the building blocks of the economy. They are what people use to produce goods and services, has four types including the land, which includes includes any natural resource used to produce goods and services; anything that comes from the land, Some common land or natural resources are water, oll, copper, natural gas, coal, and forests. the second one is labor, its the effort of people that contribute to the production of goods and services. The third one is the capital, which differs based on the worker and the type of work being done, and the last one is entrepreneurship, refers to a person who combines the other economic resources (land, labor, and capital) to eam a profit. © Needs review Score / 10 pts Needs review hitps:ormsoffice.com!Pagos/DesignPageV2 aspx orgin=NeoPortalPage&subpage=designBid-haGNgG 1 TOEKgrzindjopyiRpLyIEGZ/OWVXX6rO1L. 14‘122122, 1037 AM MIDTERM EXAM 2. What would happen to the equilibrium price and the equilibrium quantity if shifts in demand and supply occurs? Upward shifts in the supply and demand curves affect the equilibrium price and quantity. Ifthe supply curve shifts upward, meaning supply decreases but demand holds steady, the equilibrium price increases but the quantity falls. © Needs review Score / 10 pts Needs review 3. Explain in your own idea when you encounter “Product Possibility” as term used in economics Itis a way to calculate the highest possible output of two goods Using a fixed input quantity. It can help demonstrate the maximum possible output of goods given a set amount of resources. © Needs review Score / 10 pts Needs review 4, Why there is such a thing as economizing problem in our day-to-day life? No answer provided. © Needs review Score / 10 pts Needs review 5. What is the concept of ” Scarcity " in the context of economics? Scarcity is one of the economic problem, and it is defined as the gap between the unlimited wants of individuals and limited resources in the economy. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy. Sena 14 nte hitps:tormsoffice.com!Pagos/DesignPageV2 aspx origin=NeoPortalPage&subpage=designBid-haGNgG 1 TOEKgrzindjopyiRpLyIEGZ/OWVXX6rO1L.. 214‘122122, 1037 AM MIDTERM EXAM sure pt pis Needs review © Needs review 6. Explain the role of economics in the tradeoffs people and organization? No answer provided. & Needs review Score / 10 pts Needs review 7. Define the Microeconomics and Macroeconomics and distinguish one from the other? Microeconomics deals with the behavior of individual economic Units. the study of individual, household and firm's behaviour in decision making and allocation of the resources. It comprises markets of goods and services and deals with economic issues, while macroeconomics on the other hand, is the study of the economy between various countries regarding how the policies of one nation have an upshot on the other. It circumscribes within its scope, analyzing the success and failure of the government strategies. ©& Needs review Score / 10 pts Needs review 8. What is Market Supply? ‘The market supply is the total quantity of a good or service that all producers are willing to supply at the prevailing set of relative prices during a defined period of time. © Needs review Score / 10 pts Needs review 9. What is your idea of Economic Theory? ‘An economic theory is a set of ideas and principles that outline how different economies function. Depending on their particular role, an economist may employ theories for different purposes. hitps:tormsoffice.com!Pagos/DesignPageV2 aspx origin=NeoPortalPage&subpage=designBid-haGNgG1TOEKgrzindjopviRpLyIEGZ/OWVXX6rO1L.. 3I4‘122122, 1037 AM MIDTERM EXAM © Needs review Score / 10 pts Needs review 10. How do you understand Economics in general? Economics is the study of how society uses its limited resources, Itis a social science that deals with the growth of production, distribution, consumption of goods and services, and welfare over time, and a great variety of other complex issues of vital concern to society. hitpslformsoffice.com/Pages/DesignPageV2. aspx orgin=NeoPortalPagessubpage=designBid-haGNgG1TDEKgrzindjopviRpLyIEGe/OWVXXErO..