Mastering Microeconomics

Microeconomics focuses on individual consumers and firms, while macroeconomics examines the overall economy of a country or the world.

Microeconomics is the branch of economics that studies the behavior of individual markets, such as the market for a specific product or service.

Microeconomics is concerned with issues such as supply and demand, pricing, and the allocation of resources in specific markets.

True or false: National income per capita is a concern of Macroeconomics?

True or false: Microeconomics studies the behavior of individual markets?

True or false: Microeconomics focuses on individual consumers and firms?

True or false: National income per capita is a concern of Microeconomics?

True or false: Microeconomics analyzes the entire economics in aggregate, such as unemployment and inflation?

True or false: Economics is the study of how fairly goods and services are distributed within society?

Scarcity means that there is more of a good or resource available than people wish to have.

The three economic problems consist of scarcity, choice, and opportunity cost.

The cost of an action is measured in terms of gained opportunities.