Intro to Microeconomics

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

It is the process of converting inputs to outputs

• Assessment

• Trading

• Production

• Selling

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

The place where goods and services are exchanged

• barter
• currency
• market
• resource

Something we use

• resource
• scarcity
• demand
• supply

Consumer Goods also known as?

• very good

• public good

• capital good

• final goods

Whatever you "give up" when you do something is called the?

• Net Loss
• Opportunity Cost
• Loss Factor
• Second Choice

A farmer milking their cows, a cheese factory using he milk to make cheese, and a restaurant using the cheese to make pizza are examples of what in action?

• Specialization
• Labor Roles
• Mass Production
• Assembly Lines

Which of the following is not a Factor of Production?

• Land
• Labor
• Capital
• Cash