Introduction to the Discipline of Economics

It refers to the studies of the decisions of individuals and firms to allocate resources of production, exchange, and consumption.

Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy.

It is the science of how goods and services are produced and consumed to sustain the unlimited needs and wants of individuals.

It refers to a basic economic problem

It is a type of resources that provides services.

• Human Resouces

• Capital Resources

• Natural Resources

These are good that made and used to provide services.

• Human Resources

• Capital Resources

• Natural Resources

These are materials created in nature that are used and usable by humans.

• Capital Resources

• Human Resources

• Natural Resources

Critics argue that economics is not a science due to a lack of testable hypotheses and ability to achieve consensus.

• True

• False

It is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects

• Oppurtunity Cost

• Marginal Cost

• Trade-off

the ______________ of production is the change in total production cost that comes from making or producing one additional unit