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Econ 2301

Macroeconomics Quiz Reveiw Chapt. 1-4

QuestionAnswer
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
Created by: MarkPena
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