5 Questions
The study of how people make decisions about the use of ______ is called economics.
resources
[Blank] is the social science that analyzes the production, distribution, and consumption of goods and services.
Economics
The ______ of a country is measured by the total value of goods and services produced within its borders.
GDP
The law of ______ states that as the price of a good increases, the quantity demanded of the good will decrease.
demand
Micro______ is the study of individual economic units, such as households and firms.
economics
Study Notes
Economics Basics
- Economics is the study of how people make decisions about the use of resources.
- Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
- The gross domestic product (GDP) of a country is measured by the total value of goods and services produced within its borders.
- The law of demand states that as the price of a good increases, the quantity demanded of the good will decrease.
- Microeconomics is the study of individual economic units, such as households and firms.
Test your understanding of fundamental economics concepts, including the definition of economics, country's economy, and the law of demand. Explore microeconomics and individual economic units.
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