ECONOMICS

………a market in which profit opportunities are eliminated almost instantaneously.

• Efficient market

• Labor market

• Land market

• inefficient market

……looks at the individual unit - the household, the firm, the industry.

• Macroeconomics

• Microeconomics

• Microeconomics and macroeconomics

• The branch of economics concerned with the economy as a whole

Microeconomics is the branch of economics that examines the economic behavior of aggregates on a national scale.

• True

• False

The process that transforms scarce resources into useful goods and services:

• Production

• Outputs

• Inputs

• Factors

Capital goods are goods produced for present consumption.

• True

• False

Investment is the process of using resources to produce new capital.

• True

• False

Consumer goods are used for further processing.

• True

• False

During economic recessions, industrial plants run at their full capacity.

• True

• False

Periods of unemployment correspond to points outside the ppf.

• True

• False

Economic growth occurs when a society acquired new resources.

• True

• False