Economics is a     science because it tries to explain    behaviour rather than provide an explanation of natural events.

 human  physical  social 

In economics much of the     collected in the subject is    rather than quantitative. 

quantitative  resource  data  qualitative 

Economic statements which are factually     are called     economic statements.

 normative  positive  subjective  provable 

Economic statements which     be proven are called     economic statements.

 normative  economic  cannot  can 

  utility measures the additional pleasure gained from     one extra     of a good or service.

 consuming  Additional  Marginal  Total  unit 

The     pleasure gained from consuming a good or service is called     

 marginal  utility  total  total 

As a person consumes more and more of a good or service, the     enjoyed        consumed falls.  This is called the law of         utility.

 utility  diminishing  reducing  marginal  total  unit  per  consumption 

The basic economic question can be defined as limited     and unlimited    .

 needs  resources  wants 

      represents the next best option foregone.

 cost  Opportunity  Real 

A        can be described as any place where     and sellers meet in order to enact a transaction.

 buyers  retailers  place  market  sellers 

The three different types of     system, recognised by economists are    , planned and free market systems.

 mixed  market  economic  combined 

The most effective system is believed to be the     economic system, as it combines the best of both planned and free market economic systems.  This economic system consists of two sectors – the     sector and the   .

 public  private  mixed  primary  secondary  tertiary  economic