Front

What are the two categories in which Economics is broadly divided?

Back

Macroeconomics and Microeconomics

Front

What is the analysis of a company’s internal strengths and weaknesses and external opportunities and threats?

Back

SWOT Analysis

Front

The loss of potential gain from among other alternatives, when one alternative is chosen is known as ______________?

Back

Opportunity cost

Front

Choosing between two things that can’t be had or done at the same time; so it’s giving up something you want in exchange for something else you want, often as a compromise is commonly known as _________?

Back

Trade-off

Front

What are the economic question(s) that every society must answer?

Back

What should be produced? How it should be produced? For whom it is being produced?

Front

All the components needed for production including natural resources, labor, capital goods, and expertise is known as ___________?

Back

Resources

Front

Talking to a friend is considered to be a(n) ___________?

Back

Noneconomic Wants

Front

What is the total amount of goods and services used by an economy?

Back

Total Consumption

Front

If there is a 9% increase in prices from one year to the next what has taken place in the economy?

Back

Inflation

Front

The portion of the economy that is controlled or owned by the government is considered ___________?

Back

Public Sector