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Questions and Answers
What does microeconomics study?
What does microeconomics study?
- Individuals (correct)
- Aggregate measures of the economy
- Total output
- Price level
Which type of economics involves examining total output and aggregate measures of the economy?
Which type of economics involves examining total output and aggregate measures of the economy?
- Individuals
- Mirco
- Macro (correct)
- Factors of production
What is opportunity cost?
What is opportunity cost?
- The price level of goods and services
- The inputs used to produce goods and services
- The total output of the economy
- The value of the opportunity that you gave up when you choose one activity (correct)
Which concept is used to produce income?
Which concept is used to produce income?
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When is it advisable to continue with an activity according to the principle of MC vs. MB?
When is it advisable to continue with an activity according to the principle of MC vs. MB?
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Study Notes
Economic Perspectives
- Macro Economics: Study of the economy at a large-scale level, focusing on total output, price level, and aggregate measures of the economy.
Economic Concepts
- Factors of Production:Inputs used to produce a good or service, generating income.
- Opportunity Cost: Value of the opportunity given up when choosing one activity or opportunity over another, resulting from scarcity.
- Decision Making: Compare Marginal Benefit (MB) and Marginal Cost (MC) to make decisions: accept if MB ≥ MC, reject if MB < MC.
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