What is a need?

What is a want?

What is the fundamental economic problem?

Define scarcity.

What is opportunity cost?

What does the study of economics involve?

What is a resource?

What are the 3 basic economic questions?

What is resource allocation?

Define the term 'reallocation of resources'.

What does overallocation mean?

What is under allocation?

What is meant by distribution of income?

What is meant by redistribution of income?

What are the four factors of production?

Define Land

Define Labour

Define Capital

Define Entrepreneurship

What are the four different types of capital?

Define what is meant by physical capital

Define Human Capital

Define Natural Capital

Define Financial Capital

What is the Production Possibilities Curve (PPC)?

Define what is meant by productive efficiency.

In terms of Economics, what is meant by a 'positive statement'?

In terms of Economics, what is meant by a 'normative statement'?

What is a hypotheses?

What is a theory?

What is a Law?

What is a model?

What is Ceteris Paribus?

What is rational decision making?

What is meant by irrational decision making?

Define Economic Growth

What is negative economic growth?

Define economic development.

Define what is meant by sustainability.

What is a market?

What is meant by demand?

What is the law of demand?

Define marginal utility?

Define market demand

What is supply?

What is the law of supply?

What is the market equilibrium?

What is the formula for the demand function?

What is the formula for the Quantity supplied function?

What are signals in the term of prices?

What is the role of incentives in the term of prices?

Define economic efficiency?

Define consumer surplus.

Define producer surplus.

Define allocative efficiency,

What is social surplus?

Define elasticity

What is a price elastic?

What is price inelastic?

What is price elasticity of demand?

What is cross price elasticity of demand? (XED)

What is income elasticity of demand? (YED)

Define Price elasticity of supply (PES)

What is an indirect tax?

What are the two types of indirect taxes?

What is the difference between specific and ad Valorem tax?

What is a stakeholder?

What is welfare (deadweight) loss?

What is tax incidence?

What is a subsidy?

What are price controls?

What is a price ceiling?

What is a price floor?

What is a minimum wage?