Principles
The study of how society manages its scarce resources.
What is Economy?
The forces that make market economies work.
What are demand and supply?
Generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context
Named after the Roman god of war, It is also often described as the “Red Planet” due to its reddish appearance.
What is Mars?
An expert in economics
What is economist.
These principles give you an overview of what economics is all about.
What is the Ten Principles of Economics?
The ability and willingness of consumers to buy Good and Services
What is Demand?
The basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties
What is Trade?
Classification into which living organisms are grouped are plants, animals, viruses, bacteria and...?
What is Mushrooms?
A diagram showing the relation between variable quantities, typically of two variables, each measured along one of a pair of axes at right angles
What is Graph.
The cost of something is what you give up to get it.
"What is Second Principle?"
The ability, readiness, and willingness of suppliers to produce good and services.
What is Supply?
Society has limited resources and therefore cannot produce all the goods and services people wish to have.
What is scarcity?
The third planet from the sun
What is Earth?
In other words, they are the inputs that are used to create things or help you provide services.
What is Resources?
People Face Tradeoff
What is the First Principle?
Is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital
What is Factors of Production?
The activities, actions, and operations that involve the production and sale of goods and services
What is Production Process?
What is Australia?
A market structure characterized by a single seller, selling a unique product in the market.
What is Monopoly?
Society faces a short-run tradeoff between inflation and unemployment.
What is the tenth principle?
A situation in which supply and
demand have been brought into
balance.
What is equilibrium?
The study of how households and firms make decisions and how they interact in specific markets.
"What is Microeconomy"
1. The Houses of Parliament are officially known as the Palace of Westminster and it is the largest palace in the country.
It had a series of names – Londonium, Ludenwic, and Ludenburg!
What is London?
Is the economic situation defined by an inefficient distribution of goods and services in the free market.
What is Market failure?