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Questions and Answers
The study of how people make decisions about the use of ______ is called economics.
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.
[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.
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.
The law of ______ states that as the price of a good increases, the quantity demanded of the good will decrease.
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Micro______ is the study of individual economic units, such as households and firms.
Micro______ is the study of individual economic units, such as households and firms.
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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.
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