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What is Economics?
The study of the allocation of scarce resources among alternative uses.
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What is Microeconomics?
The study of the decisions that individual units (people, households, businesses,) make when using limited resources to maximize satisfaction
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What is Macroeconomics?
The study of the decisions that community (towns, cities, nations,) make when using limited resources to maximize social welfare
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What does economics assume, in general?
Economics assumes unlimited human wants and limited resources to satisfy those wants
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What questions do economic systems answer?
1. What is produced
2. How much is produced
3. How is it produced
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For the Law of Demand, how are price and quantity related?
Price and quantity are related inversely, that is the lower the price the higher the demand
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The demand for normal goods has a ----------- relationship to income.
The demand for normal goods has a positive relationship to income.
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For normal goods, as income increases the demand for normal goods ---------------, as income decreases the demand for normal goods -------------------.
For normal goods, as income increases the demand for normal goods increases, as income decreases the demand for normal goods decreases.
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For normal goods, as income ------------------- the demand for normal goods increases, as income ----------------- the demand for normal goods decreases.
For normal goods, as income increases the demand for normal goods increases, as income decreases the demand for normal goods decreases.
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The demands for inferior goods has a ----------- relationship to income.
The demands for inferior goods has a negative relationship to income.
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For inferior goods, as income --------------- the demand for inferior goods increases, as income -------------------------, the demand for inferior goods decreases.
For inferior goods, as income decreases the demand for inferior goods increases, as income increases, the demand for inferior goods decreases.
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For inferior goods, as income decreases the demand for inferior goods ----------------------, as income increases, the demand for inferior goods ------------------------.
For inferior goods, as income decreases the demand for inferior goods increases, as income increases, the demand for inferior goods decreases.
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