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Questions and Answers
Which branch of economics is concerned with decision-making by individual economic agents such as firms and consumers?
Which branch of economics is concerned with decision-making by individual economic agents such as firms and consumers?
- Allocation
- Macroeconomics
- Scare Resources
- Microeconomics (correct)
What does the term 'allocation' refer to?
What does the term 'allocation' refer to?
- The limited supply of productive inputs or factors of production used to produce goods and services
- The process of distributing or assigning limited resources among various competing uses, needs, or wants (correct)
- The study of the aggregate performance of the entire economic system
- The seemingly infinite number of desires, needs, and preferences for goods and services
What are 'scarce resources' in economics?
What are 'scarce resources' in economics?
- The process of distributing or assigning limited resources among various competing uses, needs, or wants
- The seemingly infinite number of desires, needs, and preferences for goods and services
- The study of the aggregate performance of the entire economic system
- The limited supply of productive inputs or factors of production used to produce goods and services (correct)
What do 'unlimited human wants' refer to in economics?
What do 'unlimited human wants' refer to in economics?
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What do 'needs' and 'wants' differentiate in economics?
What do 'needs' and 'wants' differentiate in economics?
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