30 Questions
What concept in economics involves analyzing the additional or incremental costs or benefits arising from a choice or decision?
Marginalism
Which of the following concepts involves what we give up by not making an alternative choice?
Opportunity cost
What is the main reason for studying economics, according to the text?
To learn a way of thinking
In economics, what does 'relative price' refer to?
The price of one item in relation to another
What idea in economics involves selecting one alternative over another?
Choice
What aspect of Economics focuses on the examination of different economic systems to determine their advantages and disadvantages?
Comparative Economic Systems
Which specialized field in Economics emphasizes the study of growth in less developed countries?
International Economics
Which concept in economics focuses on the notion that a rational decision maker considers actions only if the marginal benefit exceeds the marginal cost?
Marginalism
What distinguishes economists who focus on developing new theories from those who test existing theories?
Desire to expand knowledge frontiers
Which field of Economics concerns itself with the relationship between economics and law?
Urban Economics
What type of economists are primarily interested in applying already known theories to public policies?
Economists focusing on theory development
In which field of Economics would you expect to find a detailed examination of the history of economic thought?
Economic History
What is the main reason behind the establishment of the study of economics?
Addressing the issue of resource allocation and distribution
What concept is at the heart of the study of economics?
Scarcity
What is opportunity cost?
The cost of choosing the next best alternative
Why is scarcity considered essential for the study of economics?
It necessitates making choices due to limited resources
What does opportunity cost refer to in economic decision-making?
The foregone value of the best alternative not chosen
How does scarcity relate to the field of economics?
By necessitating choices due to limited resources
What does economic efficiency refer to?
The relationship between scarce factor inputs and outputs of goods and services
How can technological advancement impact the workforce?
Result in the retrenchment or displacement of workers
What is equity in the context discussed in the text?
Justice and fairness
How does being efficient in production impact a company?
Saves time and money, leading to increased output
What does effectiveness mean in economics?
Attainment of goals and objectives
How can economics be a functional tool for other fields?
By providing useful output for consumption
What is the common way of expressing the efficient markets concept?
There's no such thing as a free lunch
What are sunk costs in economics?
Costs that have already been incurred and cannot be avoided
What does Economics seek to understand about society?
Transactions made by the society and its members
What does understanding economics help develop in individuals according to the text?
Wise voting behavior
In an efficient market, what happens to profit opportunities?
They are eliminated almost instantaneously
What is one way Economics seeks to understand global affairs?
By analyzing internal operation and trade policies of countries
Learn about the basic concepts of economics such as scarcity, choice, and opportunity cost. Understand how individuals make decisions when faced with trade-offs in allocating limited resources. Explore the reasons why studying economics is important.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
