1. Which description best defines an economy?
2. What does economics study as a social science?
3. A report describes trade policy as economic and careful use of fuel as economical; what distinction makes those terms appropriate?
What system does an economy describe?
The system through which goods and services are produced, distributed or sold, and consumed or purchased.
What does economics study under conditions of scarcity?
The economy and the factors affecting it, including production, distribution, and consumption.
What does “economical” describe?
Using money, time, energy, or resources carefully and efficiently.
What does “economic” relate to?
The economy, trade, and money.
What does scarcity describe about resources or products relative to human wants?
Their quantity is limited, making them difficult to find or obtain.
Why must individuals, businesses, and governments make choices about resource use?
Resources are limited.
It covers the core concepts of Business English Economics, organized by topic with the key definitions, explanations and takeaways, so it's easier to learn and remember.
Read the full study guide →The practice quiz has 36 multiple-choice questions, each with an explanation. Use it to check what you know and find your gaps.
Take the quiz (36 questions) →There are 89 flashcards on Business English Economics, with a question on the front and the answer on the back. Try to recall each answer before you flip, and let spaced repetition bring back the ones you miss.
See all 89 flashcards →Upload a PDF or paste your notes. Revizly writes a study guide, a practice quiz and flashcards in about a minute.