Intro Microeconomics Oct. 5, 2021

Economics is the study concerned with the production, distribution, and consumption of goods and

• services

• assets

• liabilities

• debts

The two main branches of economics are macroeconomics and

• microeconomics

• business

• trading

• finances

One area of microeconomics is about

• government debts

• individual markets

• job application

• renting a house

The approach used in studying microeconomics is

• Sideways approach

• top down approach

• bottoms up approach

• no approach

It is the price prevailing in a competitive market

• wholesale price

• sale price

• discounted price

• market price

It is the process of converting inputs to outputs

• Assessment

• Trading

• Production

• Selling

The graph represents: Demand or Supply?

• Demand
• Supply

Elastic or Inelastic

• Elastic
• Inelastic

Elastic or Inelastic

• Elastic
• Inelastic

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease