Intro to Economics

What is an optimising individual?

• The best person in a suboptimal group

• Someone who is optimised

• A person who seeks the best possible outcomes for themselves

• A person that makes other better

____ _____ is the person who coined the phrase 'The Invisible Hand'

True or False; Macro Economics looks at individual decisions.

• True

• False

People are said to have ________ wants

Resources are said to be _______

Which of the following is not part of the economic problem

• What to produce

• How to produce

• For whom to produce

• When to sell

Opportunity cost is the cost of the next best ___________

Tools, machinery and equipments can be called...

• Capital Goods

• Consumer Goods

• Scarce Resources

• perishable Goods

Which of the points on the PPC is impossible due to a lack of resource?

• A

• B

• C

• X

• Y

Which point on the graph is an inefficient use of resources?

• A

• B`

• C

• X

• Y