Basic Microeconomics

Economics is the branch of knowledge concerned with the production, consumption and transfer of wealth.

• TRUE

• FALSE

Economics is unlimited. It varies from the needs for survival otherwise known as basic needs to higher needs for a comfortable and more meaningful life.

• TRUE

• FALSE

Human Wants shows how resources are used and combined in production.

• TRUE

• FALSE

Marginal Analysis is an examination of the additional benefits of an activity compared to the additional costs incurred by the same activity

• TRUE

• FALSE

Economic System is not an economic problem.

• TRUE

• FALSE

5 pts. Explain the difference between Microeconomics and Macroeconomics.

5 pts. How unemployment considered as one of the economic problems?

5pts. Explain the Scarcity

5pts. Explain the Opportunity Cost