Introduction to Economics: Microeconomics and Macroeconomics

John Quincy Adams is known as ...

• The Father of economics and capitalism

• The sixth president of the United States

An economic actor is ...

• Is a Hollywood actor

• A person that uses money to buy goods and services. An economic actor uses these resources to shape an economy.

• A person or unit able to use land, labor or capital. An economic actor uses these resources to shape an economy.

Macroeconomis could be defined as ...

• the part of economics concerned with large-scale or general economic factors and policies that affected millions of people.

• is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.

Microeconomics can be defined as ...

• the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

• the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.

Capitalism can be defined as ...

• is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand.

• is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on self interest.

In economics allocation means ...

• the process by which economic resources get allotted (apportioned, assigned) to their particular uses for directly or indirectly satisfying human wants.

• the process by which economic resources get allotted (apportioned, assigned) for general uses for directly or indirectly satisfying human wants.

Regulation can be defined as ...

• The market's primary function in a market economy is to regulate and monitor the financial and economic system.

• The government body's primary function in a market economy is to regulate and monitor the financial and economic system.

Deregulation means the ..

• reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry

• increase of government power in a particular industry, usually enacted to create more competition within the industry

Resources can be considered free becuase ...

• Resources are free because the available quantity exceeds the desired use.

• Resources are free because the available quantity is infinite.

Scarce resoues can be defined as ..

• A resource with an available quantity less than its desired use.

• A resource with an available quantity more than its desired use.