Macroeconomics unit 3 - Study guides, Class notes & Summaries

Macroeconomics - Answer A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - Answer A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - Answer The basic economic problem; the gap between limited, scarce , resources and theoretically limitless wants Op...

Factors of Production correct answers An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit Demand correct answers An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service Supply correct answers A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers Microeconomics correct answe...

Sophia (Macroeconomics) - Unit 3 Milestone Exam Questions with Correct Answers .

Scarcity correct answers Limited quantities of resources to meet unlimited wants Economics correct answers The study of the choices people make to attain their goals, given their scarce resources oppurtunity cost correct answers The highest-valued, next best alternative that must be sacrificed to obtain something or satisfy a want or to engage in an activity. Individual Behavior correct answers make ourselves as best off as possible, given scarcity Assumptions of Individual Behavior ...

Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: Question options: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: Question options: ceteris paribus. free goods. scarcity. the margin. Question 3 10 / 10 points An economic system is the set of rules that define _______ and _______ . Question op...

Sophia (Macroeconomics) - Unit 3 Milestone Exam Questions with Correct Answers .

Macroeconomics Correct Answer A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics Correct Answer A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity Correct Answer The basic economic problem; the gap between limited, scarce , resources and theoretically limitless...

Macroeconomics - CORRECT ANSWER A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - CORRECT ANSWER A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - CORRECT ANSWER The basic economic problem; the gap between limited, scarce , resources and theoretically l...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...