Long Quiz Applied Economics

Economics is a ___________________ concerned with the explanation and prediction of observed phenomena in society.

Economics is an _______________ science because it uses the scientific method in its explanations, which consists of observing reality and presenting questions and problems.

It focuses on the behavior of individual economic units and the functioning of markets.

Studies the functioning of economics as an aggregate (production and employment.)

Is a type of economic agent that consumes goods and services.

It attempts to maximize the well-being of the society

The place where there is a interaction between the buyer and the seller.

It means insufficiency of resources

These are called material goods or commodities

They produce goods and services