MATCH THE FOLLOWING TERMS WITH THE CORRECT DEFINITION

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Uploaded: 29.03.2015
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EXERCISE: MATCH THE FOLLOWING TERMS WITH THE CORRECT DEFINITION:
1. The way in which income /in a country or in the world/ is divided between different groups or individuals a. economics
2. Allocating resources among the various goods and services that an economy might produce b. scarce resource
3. Money paid from insurance funds to a worker who cannot get employment c. distribution of income
4. The social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants d. resource
5. A resource for which the demand at a zero price would exceed the available supply e. allocation
6. Deciding which members of society will receive how much of the goods and services produced f. the “what” question
7. Anything that goes into the production process g. the “how” question
8. A decision as to what is to be produced with the resources of the economy or who is to get what is produced h. the “for whom” question
9. The economy’s net national product i. input
10. The process of determining what mix of land, labour and capital to use in production and what production methods to employ j. output
11. Payments that represent a redistribution of wealth rather than an exchange for goods and services k. household
12. One or more persons living in the same dwelling /such as a house or an apartment/ and functioning as an economic unit l. national income
13. Something that is used in production, includes natural resources, labour and capital m. transfer payments
14. Quantity of goods produced n. unemployment benefit

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