Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which term refers to the average cost of production?
Which term refers to the average cost of production?
- Economic scale (correct)
- Division of labor
- Economics
- Scarcity
Which term describes when workers focus on a specific task at hand?
Which term describes when workers focus on a specific task at hand?
- Monetary policy
- Specialization (correct)
- Macroeconomics
- Fiscal policy
Which term involves altering the level of interest rates?
Which term involves altering the level of interest rates?
- Macroeconomics
- Monetary policy (correct)
- Fiscal policy
- Microeconomics
Which term refers to the economy as a whole?
Which term refers to the economy as a whole?
Signup and view all the answers
Which term involves the government's economic decisions being passed down?
Which term involves the government's economic decisions being passed down?
Signup and view all the answers
Who is considered the father of Economics?
Who is considered the father of Economics?
Signup and view all the answers
What is the study of how humans make decisions based on scarcity called?
What is the study of how humans make decisions based on scarcity called?
Signup and view all the answers
Which term refers to the way workers divide the required task at hand?
Which term refers to the way workers divide the required task at hand?
Signup and view all the answers
What does specialization allow businesses to take advantage of?
What does specialization allow businesses to take advantage of?
Signup and view all the answers
What does fiscal policy involve?
What does fiscal policy involve?
Signup and view all the answers
Flashcards are hidden until you start studying
