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- 1. Multiple Choice
This is the application of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes.
APPLIED ECONOMICS
FACE MASK
PANIC BUYING
ECONOMETRICS
- 2. Multiple Choice
2. Came from nature that are used in production including land, raw materials and natural processes.
OPPORTUNITY COST
ECONOMETRICS
NATURAL RESOURCES
APPLIED ECONOMICS
- 3. Multiple Choice
3. Goods and services to be produced are based on the needs of the consumers.
WHAT TO PRODUCE
HOW TO PRODUCE
WHEN TO PRODUCE
WHY TO PRODUCE
- 4. Multiple Choice
4. This has something to do with the combination of resources to be used.
WHAT TO PRODUCE
HOW TO PRODUCE
WHEN TO PRODUCE
WHY TO PRODUCE
- 5. Multiple Choice
5. Is the application of statistical and mathematical theories to economics for the purpose of testing hypotheses and forecasting future trends.
OPPORTUNITY COST
ECONOMETRICS
NATURAL RESOURCES
APPLIED ECONOMICS
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