Economics Foundations and Microeconomics Focus

The study of how governments control the distribution of wealth

The study of how to eliminate poverty through social welfare programs

The study of how individuals and societies allocate scarce resources to satisfy unlimited wants (correct)

The study of how to maximize profits in a market economy

Government policies and regulations

Macroeconomic indicators and fiscal policy

National economies and international trade

Individual economic units and markets (correct)

The assumption that demand for a product will always decrease as its price increases

The assumption that other relevant factors remain constant when analyzing the impact of a specific variable (correct)

The assumption that government intervention always improves market efficiency

The assumption that economic theories only apply in certain geographical areas