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Chapter 1 - Econ 1 Chapter 1 Quiz Outline 1 Why is...

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Econ 1. Chapter 1 Quiz Outline: 1. Why is economics worth studying? The best reason to study economics is that so many of the things that concern us are at least partly economic in character. 2. What’s the definition of economics? Economics is the study of the allocation of our limited resources to satisfy our unlimited wants. 3. Why does scarcity force us to make choices? Scarcity---the fact that our wants exceed what our resources can produce. 4. What makes economics a social science? Economics is a social science because it is concerned with reaching generalizations about human, or social, behavior. 5. What distinguishes macroeconomics from microeconomics? Macroeconomics deals with the economy as a whole, analyzing issues. Microeconomics deals with smaller units within the economy. Both, however, ultimately strive to understand people’s behavior. 6. Why is inflation considered a macroeconomic topic? Since inflation---a change in the overall price level---has effects throughout the entire economy, rather than just in certain small areas of the economy, it is a macroeconomic topic.
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