ECON

Contrast microeconomics to macroeconomics.

• Microeconomics is the study of the whole economy at a national level and macroeconomics is the study of the behavior of individual markets within the economy

• Microeconomics deals with country relations and macroeconomics deals with company relations

• Microeconomics studies individuals and businesses decisions, while macroeconomics studies the decisions made by countries and governments.

• Microeconomics and macroeconomics are the same but with fancy prefixes

Which of the following are the factors of production?

• Land

• Labour

• Goods and services

• Capital

• Entrepreneurship

Economics goods are the products produced using scarce resources

• TRUE

• FALSE

The highest value alternative foregone for the option chosen in a decision-making situation is ___________

What is this diagram called

Allocation is the _______ of the factors of production to produce different goods and services in an economy

Which of the following diagrams is the diagram that represents constant cost?

• 
• 
• 

What’s the human want?

• to deliver goods

• to be part of the production of creating goods to sell

• food

• the people’s desire to consume goods

What of the following are opportunity of cost?

• a worker who uses walks to work instead of using the train

• putting a very high price on a good so you can make money

• to consider all factors for putting a price (environmental effects, how appealing it is to customers)

• creating a very low price to attract more customers