Podcast
Questions and Answers
What is the main focus of Microeconomics?
What is the main focus of Microeconomics?
Which branch of economics studies the economic behavior of the whole economy?
Which branch of economics studies the economic behavior of the whole economy?
What is Capitalism based on?
What is Capitalism based on?
Which factor of production refers to human-made goods used in production?
Which factor of production refers to human-made goods used in production?
Signup and view all the answers
In which economic system are key enterprises owned by the state?
In which economic system are key enterprises owned by the state?
Signup and view all the answers
What is a defining feature of a Traditional Economy?
What is a defining feature of a Traditional Economy?
Signup and view all the answers
Which term refers to a commodity or service being short in supply relative to its demand?
Which term refers to a commodity or service being short in supply relative to its demand?
Signup and view all the answers
What is the Greek origin of the word 'economics' as mentioned in the text?
What is the Greek origin of the word 'economics' as mentioned in the text?
Signup and view all the answers
Which type of economic analysis considers economic conditions 'as they are'?
Which type of economic analysis considers economic conditions 'as they are'?
Signup and view all the answers
What does the term 'Ceteris Paribus' mean in economics?
What does the term 'Ceteris Paribus' mean in economics?
Signup and view all the answers
Which economist mentioned in the text defines economics as 'simply scarcity and choice'?
Which economist mentioned in the text defines economics as 'simply scarcity and choice'?
Signup and view all the answers
What type of economic analysis judges economic conditions 'as it should be'?
What type of economic analysis judges economic conditions 'as it should be'?
Signup and view all the answers
