LONG TEST – Agricultural Economics

Entrep – 3B
1. ___________ is the study of scarcity and its implication for the use of resources, production of
goods and services, growth of production and welfare over time, and a great variety of the complex
issue of vital concern to society.
2. ___________ is an applied social science that deal with how producers, consumer, and societies
use scarce resources in the production, marketing, and consumption of food and fiber products. In
agricultural markets, the force of supply and demand are at work.
3 – 6 . Give three (3) Social Sciences that is related to economics.
7 – 15. Enumerate the basic economic problems.
16 – 20. Give at least four (4) economic goals.
21 – 25. Give five (5) economic ideologies of nations.
26 – 29. Give the four (4) factors of Production.
30 – 32. Give the three (3) theories of cost.
33. ___________ refers to the forces that determine the prices of goods and services and the
functioning of consumers and producers in the market.
34 – 35. Give at least two (2) determinants of demand.