Quiz 1

Introduction to Economics
Direction: Identify the term/s
needed to complete the
statements.
1. Father of Modern Economics
2. He said that Economics is the
study of people in ordinary
business life.
3. “Economics is the science
which studies human behavior as
a relationship between ends and
scares which have alternative
uses,” he said.
4. He explained that economics is
a study of how economic units
make choices that involve the use
of scarce resources.
5. Economics is a science of
_______.
6. Economics uses _______ and
evidence-based approach in
analyzing problems.
7. Studying economics can
develop your qualitative and
_______ skills.
8. Economics deals with
______.
9. Economics provides better
understanding of ______ _____
whether local or international in
context.
10. The things you don’t really
need want you want to have.
Answers
1. Father of Modern Economics

Adam Smith
2. He said that Economics is the
study of people in ordinary
business life.

Alfred Marshall
3. “Economics is the science
which studies human behavior as
a relationship between ends and
scares which have alternative
uses,” he said.
Lionel Robbins
4. He explained that economics is
a study of how economic units
make choices that involve the use
of scarce resources.

Gerardo P. Sicat
5. Economics is a science of
_______.

choices
6. Economics uses _______ and
evidence-based approach in
analyzing problems.

logical
7. Studying economics can
develop your qualitative and
_______ skills.

quantitative
8. Economics deals with
______.

people
9. Economics provides better
understanding of ______ _____
whether local or international in
context.
current issues
10. The things you don’t really
need want you want to have.

wants