Economics is the study of how people interact with what?

• Choices

• Technology

• Art

• History

What is “microeconomics”?

• The study of individual markets and consumer behavior

• The study of the overall economy and large-scale economic factors

• The study of historical economic systems

• The study of economic development in emerging markets

What is “macroeconomics”?

• The study of individual markets and consumer behavior

• The study of the economy as a whole, including inflation, unemployment, and economic growth

• The study of business management and organizational behavior

• The study of financial markets and investment strategies

What is the main problem of economics?

• Scarcity of resources

• Abundance of resources

• Equal distribution of wealth

• Lack of technology

What are “factors of production”?

• Resources used to produce goods and services

• The final goods and services produced

• The distribution of goods and services

• The consumption of goods and services

What do economists mean by “land”?

• Natural resources & use of land

• Urban areas and cities

• Agricultural fields

• Real estate properties

What do economists mean by “labor”?

• The total number of hours worked by employees

• The physical and mental skill set of workers

• The machinery and tools used in production

• The financial resources used in business operations

What do economists mean by “capital”?

• Money used for investment

• Natural resources

• Labor force

• Government policies

What do economists mean by “entrepreneurship”?

• The process of starting a new business

• The study of economic systems

• The management of large corporations

• The regulation of financial markets

What is an “opportunity cost”?

• The cost of missing out on the next best alternative

• The cost of an opportunity

• The financial cost of a decision

• The cost of a missed opportunity