Microeconomics Reviewer - Joshua Sumayao

A branch of economics that considers the behavior a decision takers within the economy.

• Demand

• Gross Domestic Product

• Supply

• Microeconomics

a means by which society or government is organized and distribute available resources, services, and goods across a geographic region or country.

• economic system

• traditional economic system

• command economic system

• market economic system

_____ is based on goods, services, and work all of which follow certain established trends.

• economic system

• traditional economic system

• command economic system

• market economic system

It is the common and communist society since production decisions the preserve of the government. Also known as planned system.

• economic system

• mixed system

• command economic system

• traditional economic system

an economic system that regulates from the people and the relationship between supply and demand.

• traditional economic system

• command economic system

• market economic system

• mixed system

combine the characteristic of the market and command economic system. also known as the dual system.

• mixed system

• economic system

• traditional economic system

• market economic system

an economic resources that is sometimes referred to as entrepreneurship.

• law of diminishing returns

• the price mechanism

• technology

• scarcity

Branch of an economic that concerned with economy-wide factors such as inflation, unemployment, and overall economic growth

• microeconomics

• economic system

• macroeconomics

• demand

the four main divisions of economics

• Land, Labor, Capital, Technology

• Resource Management

  Product of goods and services

  Distribution of goods and services

  Consumption of goods and services

Answer explanation

Tuomon yan bhie

an individual may choose to buy a car but in doing so, may have to give up a holiday which might have used the money for. if they had not chosen to buy the car, what is the opportunity cost.

• land

• labor

• capital

• holiday