1. INTRODUCTION TO
ECONOMICS

2. • The social science studying the
production, distribution and consumption of
goods and services.
ANS: ECONOMICS

3. • The worth of goods and services as
determined by markets
ANS: VALUE

4. • The place where buyers and sellers go to buy
and sell
ANS: MARKET

5. • The branch of economics that is concerned
with spending by households and firms on
goods and services
ANS: CONSUMPTION

6. • Examines the allocation of the national
income among various inputs, or factors of
production.
ANS: DISTRIBUTION

7. • Refers to the buying and selling of goods and
services, either through barter or the
medium of money
ANS: EXCHANGE

8. • Studies the interactions of individual
consumers and companies.
ANS: MICROECONOMICS

9. • Studies such phenomena as
inflation, unemployment and gross domestic
product (GDP).
ANS: MACROECONOMICS

10. • The division of economics that studies
taxation and expenditure by governments
and the economic effects.
ANS: PUBLIC FINANCE

11. • Involves combining inputs or factors, such as
land, labor and capital, to produce goods and
services.
ANS: PRODUCTION