Microeconomics Test #1
- Economics: Study of the allocation of scarce resources among competing wants and
Is the study of small economic units.
Focuses on aggregate production and
consumption in an economy.
Micro Final Exam Study Guide
13-1 FACTOR MARKETS
The Demand for a Factor
The demand for factors is derived, that is; it is derived from and directly related to
the demand for the product that the resources go to produce.
If demand for product rises, so do
Macroeconomics Test #3
Chapter 16 The Monetary System
Money: The set of assets in an economy that people regularly use to
buy goods and services from other people.
Characteristics Of Money:
Medium of Exchange:
Is an item that buyers give to s
Macroeconomics Test #2
Chapter 11 Measuring the Cost of Living
The consumer price index (CPI) is a measure of the overall cost of
the goods and services bought by a typical consumer.
1) Fix the basket. Determine which prices are mo