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Economics Basics: Microeconomics, Macroeconomics, and Economic Systems

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Economics Basics: Microeconomics, Macroeconomics, and Economic Systems

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Questions and Answers

What is the primary focus of economics as a field of study?

The functioning of the entire economy

The behavior of individual entities and markets

The study of how societies utilize scarce resources to produce valuable goods and services (correct)

The relationship between scarcity and choice

What is the opportunity cost of a decision?

The total cost of production

The monetary value of the chosen alternative

The forgone benefit of the chosen alternative

The value of the best alternative use of resources (correct)

What determines the selection of products and prices in a free market system?

The circular flow of income

The supply and demand curves

The interaction between buyers and sellers (correct)

Government intervention and regulation

What is the relationship between scarcity and choice?

Choosing one thing means giving up something else Signup and view all the answers

What is the ultimate result of the interplay between supply and demand in a free market system?

Supply and demand will come to an equilibrium Signup and view all the answers

What is the direction of the demand curve?

Downward sloping Signup and view all the answers

What happens to the quantity supplied when the price of the good increases, ceteris paribus?

It increases Signup and view all the answers

What is the result of a surplus in a market?

The quantity supplied exceeds the quantity demanded Signup and view all the answers

What is the effect of an increase in income on the demand for normal products?

Demand increases Signup and view all the answers

What is the characteristic of a monopolistic competition market structure?

There are many buyers and sellers, but the products are differentiated Signup and view all the answers