Economics

The study of how society chooses to use scarce resources to satisfy its unlimited wants and needs.

• Economics

• Microeconomics

• Macroeconomics

• Capital Resource

Scarcity arises because all societies have

• limited productive resources to satisfy unlimited wants

• unlimited productive resources to satisfy limited wants

• limited needs and unlimited wants

• unlimited needs and limited wants

The assumption of rational self-interest means that

• people choose alternatives that best serve their interests.

• people make choices based on selfishness and greed.

• people make choices without concerns for the interests of others.

• different people will make the same choices, given the same information.

The opportunity cost of a chosen item or activity is

• the money you must give up to buy it

• the value of all alternatives you must pass up

• The value of the best alternative you must pass up.

• the money you lost by not choosing the least expensive option.

When we study economics on a smaller level, like households and businesses, this is considered __________.

The study of the economic behavior of individual persons, families, and businesses is known as​ (a)   .

• microeconomics

• macroeconomics

• production possibilities curves

• Ubernomics

Which of the following are markets involved in the circular flow model?

• Factor Market and Resource Market

• Labor Market and Product Market

• Factor Market and Product Market

• Resource Market and Labor Market

What term deals with the study of specific components within a major economy?

This means that the government should not interfere in the marketplace.

• Laissez Faire

• Capitalism

• Communism

• Socialism

A study of total consumption in the U.S. economy would involve

• normative economics

• microeconomics

• consumer economics

• macroeconomics