ECO162 (STADIO) Assignment 1
(QUALITY ANSWERS) Semester 1 2026 A+
Rated
economics - answer-the study of the production, distribution, and consumption of goods
and services to satisfy unlimited wants with limited resources
islamic economics - answer-The study of economics in the light of Islamic principles
microeconomics - answer-the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
economic concepts - answer-S - C - OC
Scarcity, Choice, Opportunity Cost
Under scarcity, what are the factors of production ? - answer-L - L - E - C
Land. : all natural resources
Labor : all the work that workers
perform at all levels of
organization.
Entrepreneur : individual who
takes an idea and
attempts to make
economic profit by
combining all the
factors of
production. also
takes reward and
risks of business.
Capital : all of the tools and
machinery used to
produce goods &
services.
Choice - answer-since limited resources, we have to choose goods we enjoy more.
opportunity cost - answer-benefit that is lost when you are making a choice between 2
options
Goods - answer-something that is intended to satisfy some wants or needs of consumer
and has economic utility.
, Services - answer-economic activities where the buyer use the service provided by a
certain company
exp : law firms, clinics,school
production possibilities curve ( PPC ) - answer-a graph that compares the production
rates of 2 commodities that use the same factors of production.
What are the 4 assumptions of PPC ? - answer-- only produce 2 goods
-fixed resources
-fixed technology
-full employment of resources
What causes the shift in PPC? - answer-- economic growth
-technology advancement
-increase in resources
What are the 4 basic economic problems? - answer-- what, how, how much, to whom ;
to produce
economic system - answer-the method used by a society to produce and distribute
goods and services in order to solve 4 basic eco problems
What are the economic systems? - answer--socialism/communism/planned
-capitalism/laissez faire
-mixed
-islamic
Characteristics of PPC - answer-- a boundary
-must be a negatively slope
-shift if economic growth happen
-decision between 2 goods
Increasing opportunity cost - answer-the opportunit cost of producing that product
increase, because we are using more and more resources that are less efficient in
producing it.
Constant opportunity cost - answer-resources are not specialized and can be substitued
for each other with no added cost
decreasing opportunity cost - answer-the opportunity cost of producing that product
reduces, because we are using less resources in producing it
characteristic of socialism economic system - answer-- production are collectively and
socially owned and not the property of private individuals
(QUALITY ANSWERS) Semester 1 2026 A+
Rated
economics - answer-the study of the production, distribution, and consumption of goods
and services to satisfy unlimited wants with limited resources
islamic economics - answer-The study of economics in the light of Islamic principles
microeconomics - answer-the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
economic concepts - answer-S - C - OC
Scarcity, Choice, Opportunity Cost
Under scarcity, what are the factors of production ? - answer-L - L - E - C
Land. : all natural resources
Labor : all the work that workers
perform at all levels of
organization.
Entrepreneur : individual who
takes an idea and
attempts to make
economic profit by
combining all the
factors of
production. also
takes reward and
risks of business.
Capital : all of the tools and
machinery used to
produce goods &
services.
Choice - answer-since limited resources, we have to choose goods we enjoy more.
opportunity cost - answer-benefit that is lost when you are making a choice between 2
options
Goods - answer-something that is intended to satisfy some wants or needs of consumer
and has economic utility.
, Services - answer-economic activities where the buyer use the service provided by a
certain company
exp : law firms, clinics,school
production possibilities curve ( PPC ) - answer-a graph that compares the production
rates of 2 commodities that use the same factors of production.
What are the 4 assumptions of PPC ? - answer-- only produce 2 goods
-fixed resources
-fixed technology
-full employment of resources
What causes the shift in PPC? - answer-- economic growth
-technology advancement
-increase in resources
What are the 4 basic economic problems? - answer-- what, how, how much, to whom ;
to produce
economic system - answer-the method used by a society to produce and distribute
goods and services in order to solve 4 basic eco problems
What are the economic systems? - answer--socialism/communism/planned
-capitalism/laissez faire
-mixed
-islamic
Characteristics of PPC - answer-- a boundary
-must be a negatively slope
-shift if economic growth happen
-decision between 2 goods
Increasing opportunity cost - answer-the opportunit cost of producing that product
increase, because we are using more and more resources that are less efficient in
producing it.
Constant opportunity cost - answer-resources are not specialized and can be substitued
for each other with no added cost
decreasing opportunity cost - answer-the opportunity cost of producing that product
reduces, because we are using less resources in producing it
characteristic of socialism economic system - answer-- production are collectively and
socially owned and not the property of private individuals
