Which of the following statement is about microeconomics?

“In order to save cost, the “Food Industry” should use more labor than machines.”This statement refers to

The basic economic questions are _______ EXCEPT:

What to produce in Mixed Economy refers to:

It is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets.

It is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. It analyzes the broad aspects of a country’s economy.

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

It is your second choice-what you give up when you make a decision.

The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

There are 4 _______________. They are land, labor, capital and entrepreneurship.

The most fundamental concepts underlying the discipline of economics are ___________