5 Questions
What is the term used to describe the analysis that focuses on what is, rather than what ought to be, in economics?
Positive analysis
In economics, which term is used to describe the situation whereby human wants for goods and services exceed the available supply?
Scarcity
What type of economy is characterized by private ownership of resources and the use of markets and prices to coordinate and direct economic activity?
Capitalist economy
In the context of supply, what term refers to the situation where the quantity supplied exceeds the quantity demanded at a given price?
Surplus
What term is used to describe the responsiveness of quantity demanded to a change in price?
Elasticity of demand
Test your knowledge on the basics of economics, including definitions, rationales, scope, methods of analysis, scarcity, choice, economic questions, and economic systems.
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