Podcast
Questions and Answers
What is the condition that arises because wants exceed the ability of resources to satisfy them?
What is the condition that arises because wants exceed the ability of resources to satisfy them?
- Scarcity (correct)
- Abundance
- Surplus
- Plenty
What is the social science that studies the choices individuals, businesses, and governments make as they cope with scarcity?
What is the social science that studies the choices individuals, businesses, and governments make as they cope with scarcity?
- Sociology
- Anthropology
- Economics (correct)
- Psychology
What is the study of the aggregate effects on the national economy and the global economy of the choices made by individuals, businesses, and governments?
What is the study of the aggregate effects on the national economy and the global economy of the choices made by individuals, businesses, and governments?
- Microeconomics
- Development Economics
- Macroeconomics (correct)
- International Economics
What do individuals, businesses, and governments face that influences the choices they make as they cope with scarcity?
What do individuals, businesses, and governments face that influences the choices they make as they cope with scarcity?
Which part of economics studies the choices that individuals and businesses make and the way these choices interact?
Which part of economics studies the choices that individuals and businesses make and the way these choices interact?
What is the condition that arises when wants exceed the ability of resources to satisfy them?
What is the condition that arises when wants exceed the ability of resources to satisfy them?
Which part of economics studies the aggregate effects on the national economy and the global economy?
Which part of economics studies the aggregate effects on the national economy and the global economy?
What is the social science that studies the choices made by individuals, businesses, and governments as they cope with scarcity?
What is the social science that studies the choices made by individuals, businesses, and governments as they cope with scarcity?
What influences the choices made by individuals, businesses, and governments as they cope with scarcity?
What influences the choices made by individuals, businesses, and governments as they cope with scarcity?
What is the study of the choices that individuals and businesses make and the way these choices interact?
What is the study of the choices that individuals and businesses make and the way these choices interact?
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Study Notes
Scarcity and Economics
- Scarcity arises when wants exceed the ability of resources to satisfy them.
Economics as a Social Science
- Economics is the social science that studies the choices individuals, businesses, and governments make as they cope with scarcity.
Microeconomics and Macroeconomics
- Microeconomics studies the choices that individuals and businesses make and the way these choices interact.
- Macroeconomics studies the aggregate effects on the national economy and the global economy of the choices made by individuals, businesses, and governments.
Influencing Factors
- Scarcity influences the choices made by individuals, businesses, and governments as they cope with limited resources.
Definition Recap
- Scarcity: a condition that arises when wants exceed the ability of resources to satisfy them.
- Economics: the social science that studies the choices made by individuals, businesses, and governments as they cope with scarcity.
- Microeconomics: the study of the choices that individuals and businesses make and the way these choices interact.
- Macroeconomics: the study of the aggregate effects on the national economy and the global economy.
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