APPLIED ECONOMICS - LONG QUIZ.docx - I. Identification....

I. Identification. Choose inside the box which words stated in the following sentences.
Write your answer on your answer sheets.
Land Traditional economy Opportunity Cost Demand
Macroeconomics Market economy Equilibrium price Scarcity
Microeconomics Applied Economics Market Labor
1.
2. It is the application of economic theory and econometrics in specific settings with the
goal of analyzing potential outcomes. _ Applied Economics _
3. It is the willingness of a consumer to buy a commodity at a given price.
.
4. Macroeconomics is a division of economics that is concerned with the overall
performance of the entire economy.
5. Market is a means of interaction between the buyers and sellers for
trading or exchange.
6. It is a condition where there are not sufficient resources to satisfy all the needs and