10 Questions
What is the condition that arises because wants exceed the ability of resources to satisfy them?
Scarcity
What is the social science that studies the choices individuals, businesses, and governments make as they cope with scarcity?
Economics
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?
Macroeconomics
What do individuals, businesses, and governments face that influences the choices they make as they cope with scarcity?
Incentives
Which part of economics studies the choices that individuals and businesses make and the way these choices interact?
Microeconomics
What is the condition that arises when wants exceed the ability of resources to satisfy them?
Scarcity
Which part of economics studies the aggregate effects on the national economy and the global economy?
Macroeconomics
What is the social science that studies the choices made by individuals, businesses, and governments as they cope with scarcity?
Economics
What influences the choices made by individuals, businesses, and governments as they cope with scarcity?
Incentives
What is the study of the choices that individuals and businesses make and the way these choices interact?
Microeconomics
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.
Test your understanding of scarcity and its impact on decision-making with this quiz. Explore the concept of scarcity, its definition, and how it influences economic choices. Gain insights into the fundamental principles of economics and the role of incentives in decision-making.
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