Scarcity implies that every society and every individual face trade-offs because scarcity means that

human wants are greater than what available resources can produce.

Trade-offs force society to make choices, particularly when answering the following three fundamental questions:

One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced?

How are economic resources allocated in a market economy?

by the decisions of households and firms interacting in markets

Which of the following is a correct statement about a mixed economy?

In a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources.

Economics is a social science because

it considers human behavior particularly decision-making behavior. it is based on studying the actions of individuals. it applies the scientific method to the study of the interactions among individuals.

Microeconomics is the study of

how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

ECON R

Question	Answer
When economists develop models designed to explain the choices people make, they generally assume that	people are rational.
Scarcity implies that every society and every individual face trade-offs because scarcity means that	human wants are greater than what available resources can produce.
Societies organize their economies in two main ways to answer the three questions of	what, how, and who
A society can have a ___ economy in which the government decides how economic resources will be allocated	centrally planned
Or a society can have a ___ economy in which the decisions of households and firms interacting in markets allocate economic resources.	market
Trade-offs force society to make choices, particularly when answering the following three fundamental questions:	One, what goods and services will be produced? Two, how will the goods and services be produced? Three, who will receive the goods and services produced?
Today, which of the following countries has a centrally planned economy?	North Korea
How are economic resources allocated in a market economy?	by the decisions of households and firms interacting in markets
Which of the following is a correct statement about a mixed economy?	In a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources.
Economics is a social science because	it considers human behavior particularly decision-making behavior. it is based on studying the actions of individuals. it applies the scientific method to the study of the interactions among individuals.
Microeconomics is the study of	how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices
Which of the following covers the study of topics such as inflation or unemployment?	Macroeconomics

Created by: cupcake1010

"Know" box contains:
Time elapsed:
Retries: