Refers to the used of goods and services.
Microeconomics

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1.
FLASHCARD QUESTION
Front
Back
Consumption
2.
FLASHCARD QUESTION
Front
Refers to the transformation of resources like land, labor, capital and entrepreneur into goods and services.
Back
Production
3.
FLASHCARD QUESTION
Front
Goods include all tangible items, except: Furniture, House, Machines, Transportation
Back
Transportation
4.
FLASHCARD QUESTION
Front
The following choices below are basic needs, except: Food, Shelter, Branded Clothing, Water
Back
Branded Clothing
5.
FLASHCARD QUESTION
Front
Refer to the study of the economic behaviour of individual components like industries, firms, and households.
Back
Microeconomics
6.
FLASHCARD QUESTION
Front
Refers to all plots of ground and other natural resources used in the production of goods and services.
Back
Land
7.
FLASHCARD QUESTION
Front
It is the main reason why there is a study of microeconomics.
Back
Scarcity
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