Matching type: Choose the best pair
1. Savings a. unspent income
2. Equitable Distribution of income b. economic goal
3. Labor Intensive Technology c. labor resources > capital resources
4. Monetary policies d. supply and demand of money
5. Macroeconomics theory e. economic policies
6. Traditional economy f. subsistence level of production
7. Entrepreneur g. skilled human resource
8. Quota System h. command economy
9. Government spending i. public investment
10. Scarcity j. wants vs resources
11. Inflows k. national income
12. Price mechanism l. market economy
13. Outflows m. income based
14. Taxes n. government revenues
15. Natural resources o. land
1. Savings - a. unspent income
Explanation: Savings refers to the amount of money that is not spent and is instead kept aside for future use. It represents unspent income that can be used for future investment or expenses.
2. Equitable Distribution of income - e. economic policies
Explanation: The equitable distribution of income refers to the fair allocation of income among individuals or groups in an economy. It is typically a goal of economic policies to ensure that income is distributed fairly.
3. Labor Intensive Technology - c. labor resources > capital resources
Explanation: Labor-intensive technology refers to production methods that rely more on human labor than on capital resources. This means that the input of labor resources is higher compared to capital resources.
4. Monetary policies - d. supply and demand of money
Explanation: Monetary policies refer to the actions taken by a central bank or monetary authority to regulate the supply and demand of money in an economy. These policies affect interest rates, inflation, and overall economic stability.
5. Macroeconomics theory - k. national income
Explanation: Macroeconomics theory focuses on the behavior, structure, and performance of an entire economy. It examines variables such as national income, employment, inflation, and economic growth.
6. Traditional economy - f. subsistence level of production
Explanation: A traditional economy is an economic system in which production is based on customs, traditions, and rituals. It often operates at a subsistence level, meaning that it produces enough to meet the basic needs of the community.
7. Entrepreneur - g. skilled human resource
Explanation: An entrepreneur is an individual who starts and manages a business venture, taking on financial risks in the hope of making a profit. They are often considered skilled human resources due to their ability to identify opportunities and mobilize resources.
8. Quota System - h. command economy
Explanation: A quota system is a tool used in a command economy, where the government sets specific production or import limits for certain goods or services. It is a way for the government to control the allocation of resources and distribution of goods.
9. Government spending - i. public investment
Explanation: Government spending refers to the amount of money that the government uses to fund its operations and provide goods and services to the public. It includes public investment in infrastructure, education, healthcare, etc.
10. Scarcity - j. wants vs resources
Explanation: Scarcity refers to the limited availability of resources compared to the unlimited wants and needs of individuals and society. It is a fundamental concept in economics that drives the need for resource allocation.
11. Inflows - n. government revenues
Explanation: Inflows refer to the money that comes into an economy or organization, such as government revenues generated through taxation, grants, loans, or investments.
12. Price mechanism - l. market economy
Explanation: The price mechanism is a key feature of a market economy, where prices are determined by the interaction of supply and demand. It plays a crucial role in allocating resources and signaling producers and consumers about the value of goods and services.
13. Outflows - n. government revenues
Explanation: Outflows refer to the money that goes out of an economy or organization, such as government expenditures or payments made for imports.
14. Taxes - n. government revenues
Explanation: Taxes are mandatory payments imposed by the government on individuals and businesses to finance public expenditures and services. They contribute to government revenues.
15. Natural resources - o. land
Explanation: Natural resources refer to the materials and substances found in the environment that can be used for economic production, such as land, water, minerals, and forests. Land is one of the key natural resources and plays a vital role in various economic activities.