Applied Economics

oikanomia - correct answer Economics comes from the Greek word " ? " meaning "household management". Economics - correct answer is two centuries old. It originated when Adam Smith published the book "The Wealth of the Nations" in 1776. Adam Smith - correct answer His contribution was to analyze how markets organized economic life and produced rapid economic growth. The Wealth of the Nations" - correct answer Adam Smith published the book? in 1776. The General Theory of Employment, Interest and Money - correct answer John Meynard Keynes published John Meynard Keynes - correct answer His work described a new approach to economics, that was to help the government monetary and fiscal policies tame the worst ravages of business cycle. West - correct answer the capitalist countries East - correct answer socialist countries Eastern Europe - correct answer The most dramatic development occurred in ? when the successful revolution of 1989 forced the socialist countries to cast off their central planning apparatus and allowed market forces to spring-up. Economics - correct answer is the study of how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs. Economics - correct answer is a social science. It studies man's life and how he lives with other men. It is concerned with human beings and his behavior. It studies also the relations between people during production, distribution, and consumption of wealth in human society. Economics - correct answer explains how people interact within markets to get what they want or to accomplish certain goals. Microeconomics - correct answer focuses on how individual consumers and producers make their decisions. This includes a single person, a household, a business or a governmental organization. Macroeconomics - correct answer deals with the overall economy. This can include a distinct geographical region, a country, a continent or even the whole world. Production - correct answer creating goods needed by households. Its factors are inputs, and the goods and services created from them called outputs. Distribution - correct answer marketing of goods and services to different economic outlets for allocation to individual consumers. Exchange - correct answer transferring goods and services to a person in return for something. At present, the medium of exchange is money. Consumption - correct answer spending money for goods and services to yield direct satisfaction. Public Finance - correct answer government activities regarding taxation, borrowings, and expenditures. It deals with efficient use and fair distribution of public resources to achieve maximum social benefits. Land - correct answer consists of natural resources. One cannot utilize this natural resource without paying for it usually in the form of rent or lease. The physical land is a fixed resource. Labor - correct answer also called human resource. This includes all individuals capable of providing service to produce an output. This factor is flexible. It can also be improved through training or education. Capital - correct answer can represent monetary resources used by companies to purchase goods and services, or major physical assets individuals or companies use to produce goods and services. Income derived from capital is called interest.