Terms in this set (6)
What is the source of all economic questions and problems?
Human wants exceed the resources available to satisfy them.
What is scarcity?
Our inability to satisfy all of our wants. The condition that arises because wants exceed the ability of resources to satisfy them.
What affects our ability to obtain the things we want?
The time we have, the incomes we earn, and the prices we pay for the things we buy.
The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity, the incentives that influences those choices, and the arrangements that coordinate them.
The social science that seeks to describe the factors which determine the production, distribution and consumption of goods and services.
What is the study of microeconomics
The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets
What is the study of macroeconomics?
The field of economics that studies the behavior of the aggregate economy. It examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
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