BECO201: Chapter 1 The Scope and Method of Economics TUTORIAL 1 - MCQ
1) Marginalism is
A) the best alternative that we forego when making a decision.
B) the study of how societies choose to use scarce resources.
C) a market situation in which profit oppo
The Scope and
Method of Economics
Why Study Economics?
To Learn a Way of Thinking
To Understand Society
To Understand Global Affairs
To Be an Informed Voter
The Scope of Economics
The Diverse Fields of E
Demand, Supply, and
PART 1: Consumer
Firms and Households: The Basic
Input Markets and Output Markets: The
Demand in Product/Output Markets
Changes in Quantity Demanded versus
What Is Microeconomics?
Microeconomics is the social science that deals with
individual and small business economic decisions,
specifically about how those decisions affect the utilization
and distribution of scarce resources (the demand and supply
BECO201 - Chapter 1
The Scope and Method of
Economics - Tutorial 1
List three key reasons to study economics.
When is it more expensive for a country to go to war during a recession or during an
economic boom? Explain.
Why would an economist argu
Scarcity, Choice, and
Scarcity and Choice in a OnePerson Economy
Scarcity and Choice in an
Economy of Two or More
The Production Possibility Frontier
The Economic Problem