click below
click below
Normal Size Small Size show me how
Econ 2301
Macroeconomics Quiz Reveiw Chapt. 1-4
Question | Answer |
---|---|
A social science concerned with making optimal choices under conditions of scarcity Economic wants exceed society’s productive capacity | Economics |
Scarcity and choice Opportunity cost Purposeful behavior to increase utility Marginal analysis | The Economic Perspective |
Resources are scarce Choices must be made Opportunity cost There’s no free lunch | Scarcity and Choice |
The study of the entire economy or a major aggregate of the economy | Macroeconomics |
The study of the individual consumer, firm, or market | Microeconomics |
Limited income and unlimited wants The budget line Attainable and unattainable combinations Trade-offs and opportunity costs | The Economizing Problem |
Land, Labor, Capital, Investment, Entrepreneurial ability | 4 categories of economic resources |
Biases Loaded terminology Fallacy of composition Post hoc fallacy Correlation not causation | Pitfalls to Sound Economic Reasoning |