5 Questions
Which branch of economics focuses on national and global economic decision-making?
Macroeconomics
What is scarcity in economics?
The limited availability of resources
What is the opportunity cost?
The most-valued alternative given up
What does the Law of Diminishing Marginal Utility state?
Satisfaction decreases with every additional unit of a good or service consumed
What does living within one's means involve?
Spending no more than the amount of money earned
Test your knowledge of the fundamentals of economics with this study guide quiz. Explore topics like scarcity, decision-making, and the allocation of resources.
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