Managerial Economics (MIDTERMS) 1.1

is the study of how society manages its scarce resources

(a)  

is the condition where once and needs of people are not satisfied because of limited resources

is a temporary condition where demand on a certain commodity or service cannot be met by the current supply

is a perpetual condition that economists always need to solve because our wants, needs, and satisfaction are unlimited

Economics is a science

(a)  

it means at any maximum output with the least possible input

it can be attained by getting the desired outcome

In economics, it is an individual's pleasure, happiness, or satisfaction

The methodologies of economics are microeconomics and macroeconomics

it represents points at which an economy is most efficiently producing its goods and services