Macroeconomics, focuses on the economy, large scale.
Microeconomics focuses on the economy, small scale.
Which of the following scenarios most accurately reflects the concept of scarcity? - Brett is a farmer
with an open field on which he can plant either soybeans or corn
The economizing problem is essentially one of deciding how to make the best use of - limited
resources to satisfy unlimited economic wants
A recurring theme in economics is that people - have unlimited economic wants but limited resources.
According to the circular flow model, product markets are where - businesses earn their revenues
The two basic markets shown by the simple circular flow model are - product and resource.
Which of the following is the best synonym for "marginal" in economics? - additional
The basic truth that underlies the study of economics is the fact that we all face - scarcity
Use the table below to answer the question
The marginal cost of producing 3 units of output - $38
The main function of the entrepreneur is to - innovate
Pam sees that the price of bananas has risen in the grocery store. All else equal, she decides to buy
more tangerines than she normally purchases. From the information given, you might conclude that: -
tangerines and bananas are substitutes.
Marcus budgets $120 a week for groceries. When the price of all food goes up by 10% he buys less
salmon. This can best be explained by: - the income effect.