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Questions and Answers
Which term refers to the study of how societies use scarce resources to produce valuable goods and services?
Which term refers to the study of how societies use scarce resources to produce valuable goods and services?
- Oikonomia
- Macroeconomics
- Economics (correct)
- Microeconomics
What is the definition of microeconomics?
What is the definition of microeconomics?
- The study of how individuals and groups make decisions with limited resources.
- The study of how individuals allocate scarce resources to satisfy their wants and needs.
- The study of how markets, consumers, and firms behave. (correct)
- The study of the behavior of the economy as a whole.
What is the definition of macroeconomics?
What is the definition of macroeconomics?
- The study of how individuals and groups make decisions with limited resources.
- The study of the behavior of the economy as a whole. (correct)
- The study of how individuals allocate scarce resources to satisfy their wants and needs.
- The study of how markets, consumers, and firms behave.
What is the meaning of the Greek word 'Oikonomia'?
What is the meaning of the Greek word 'Oikonomia'?
What is the main focus of microeconomics?
What is the main focus of microeconomics?
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