The Fundamentals of Economics

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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?

  • Oikonomia
  • Macroeconomics
  • Economics (correct)
  • 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?

  • 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'?

<p>Household management (B)</p> Signup and view all the answers

What is the main focus of microeconomics?

<p>The behavior of individual economic units. (D)</p> Signup and view all the answers

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