Master the Basics of Economics

Luxury

Waste

Abundance

Scarcity (correct)

Microeconomics studies individual economic units while macroeconomics studies the economy as a whole (correct)

Microeconomics and macroeconomics are the same thing

Microeconomics and macroeconomics are unrelated

Microeconomics studies the economy as a whole while macroeconomics studies individual economic units

The total cost of all alternatives considered

The cost of the most expensive alternative considered

The cost of the chosen alternative

The value of the next best alternative that must be given up (correct)