Complete the sentences

Complete the sentences with the appropriate terms from the list below:

allocation of resources

macroeconomics

development economics

microeconomics

econometrics

normative economics

economic efficiency

opportunity cost

economic growth

positive economics

economics

scarce goods

factors of production

social sciences

1.The branch of economics that focuses on the activities of individual deci­sion-making units is ___.

2.The branch of economics that focuses on the behaviour of the entire econ­omy is ___.

3.The science that studies how societies allocate scarce resources is ___.

4.The study of economic phenomena that applies mathematical and statistical techniques to economic problems and theories is ___.

5.Goods the supply of which is insufficient to satisfy the demand are.

6. The ability of a manufacturing plant to produce at a low unit cost or market value is ___.

7. The choosing of the particular use to which scarce resource (means of pro­duction) is put, e.g. whether to use water for electric power or for crops, is

8. An economic analysis that includes judgments about what to be done, rather than simply theorising is ..

9. An economic analysis that is free of value judgments, i.e. independent of any particular ethical position or normative judgments is ___.

10. A branch of economics that examines and explains the process of economic growth and the human and social organisations that make this growth pos­sible is ___.

11. The benefits lost by not employing an economic resource in the most profit­able alternative activity is ___.

12. Where there is an increase in real output there is ___.

13. Those things that are transformed into final goods and services desired by society are ___.

14. The group of studies seeking to establish a science of the social life of human groups is called ___.

FILL IN THE BLANKS

Add an appropriate preposition to each of the following sentences where indicated.

about between in on against for into with

1.No one has ever succeeded __ neatly defining the scope of economics.

2.Macroeconomics is concerned __ the economy as a whole.

3.Economists engage __ systematic inquiry __ the effects of those human activities which are grouped under three broad headings: production, exchange, and consumption.

4.Economics seeks to apply scientific method to construct theories __ the processes involved and to test them __ what actually happens.

5.Economics examines conflicting demands __ resources and the consequences of whatever choices are made.

6.Microeconomics deals __ the behaviour of individual consumers, companies, traders, and farmers.

7.Specialised areas of economies attempt to answer questions __ a broad spectrum of human economic activity, including public finance, money supply and banking, international trade, etc.

8.Economics deals primarily __ relations __ buyer and seller.

9. It is not difficult to indicate the sort of questions that economists are concerned __.

10. The areas of investigation __ economics overlap __ other social sciences.

11. Many factors are responsible __ self-sustaining economic growth.

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