Economics is a fundamental component of the K-12 curriculum that introduces students to the principles and concepts of economics. This course aims to develop a comprehensive understanding of how economies function, the role of individuals and governments in economic decision-making, and the impact of economic systems on societies and global affairs.
5 Sample Questions
What economic system refers to the limited innovation and technological advancement due to prohibited import?
A.
Traditional Economy
B.
Market Economy
C.
Command Economy
D.
Social Economy
Lisa is considered the family's breadwinner, which means she must provide for her family's needs; however, as an individual, she also has her personal needs and wants. Considering her salary, she can only sustain the needs of her own family and her personal needs and wants. In economics, what branches of science are related to Lisa's morality in choosing the right between herself and her family?
A.
Ethics
B.
Geography
C.
History
D.
Psychology
Raijin chose to play basketball rather than video games because he cannot do all these things simultaneously. If playing basketball is his choice, then what about him playing video games, which refers to the value of an alternative giving up obtaining another item?
A.
Benefits
B.
Individual choice
C.
Social choice
D.
Opportunity cost
It refers to the factors of production used in business operation that cannot be immediately changed in the short run, such as land, building, or factories.
A.
Land input
B.
Labor input
C.
Fixed input
D.
Variable input
This law explains how marginal output changes as single input becomes varied while other inputs remain constant in functions of production.
