(Week 2) Applied Ecnomics

_____ is the condition in which our needs and wants are greater than our limited resources.

• Scarcity

• Needs

• Wants

• Economics

_____ studies how people distribute or divide their limited resources in order to satisfy their unlimited wants.

• Applied Economics

• Economics as Social Science

• Economics as Applied Science

• Economics

_____ consist of all the options that we give up when we make a choice.

• Opportunity Cost

• Opportunity Off

• Trade off

• Trade Cost

_____ is the highest-valued alternative that must be sacrificed In order to get something.

• Opportunity Needs

• Opportunity Wants

• Opportunity Cost

• Opportunity Value

_____ is the branch of economics that is concerned with the decision-making done by smaller economic units such as individuals or consumers, firms and industries.

• Microeconomics

• Macroeconomics

• Economics as Applied Science

• Economics as as Social Science

_____ is the study of the large economy as a whole or the aggregate economy.

• Microeconomics

• Macroeconomics

• Economics as Applied Science

• Economics as Social Science

_____ refers to the total number of goods or services available for sale.

• Demand

• Supply

• Trade off

• Opportunity Cost

_____ refers to the aggregate or the totality of the needs and wants of the customers.

• Demand

• Supply

• Trade off

• Opportunity cost

_____ is the work done by people or human resources.

• Land

• Labor

• Capital

_____ does not only mean money as this can be in the form of man-made tools or objects that may be used to produce supplies.

• Labor

• Land

• Capital