Macroeconomics vs. microeconomics

The study of a single factor of an economy - such as individuals, households, businesses, rather than the economy as a whole.

• scarcity

• microeconomics

• macroeconomics

A condition of economics that results from both limited resources and unlimited wants.

• productivity

• microeconomics

• scarcity

• macroeconomics

The study of an entire economy.

• macroeconomics

• microeconomics

• opportunity cost

Adam Smith was one of the most famous economists.

• True

• False

You have an infinite amount of scare resources.

• True

• False

These are physical goods that are used to produce other goods (example: trucks and trains to transport goods).

• scarcity

• land

• capital

• i have no clue

Economics is the study of how to allocate resources

• true

• false

All of the following could be scarce resources: oil, labor, and food.

• true

• false

One person using something limits the ability of others to use it is called

• rivalry

• scarcity

• sharing

All of the following are part of the 4 factors of production EXCEPT

• land

• labor

• food

• capital

• enterpreneurship