Questions and Answers
Explain the concept of opportunity cost.
Opportunity cost is the value of the next best alternative that is foregone when a decision is made.
Discuss the difference between microeconomics and macroeconomics.
Microeconomics focuses on individual economic units, such as households and firms, while macroeconomics deals with the behavior of the economy as a whole.
Define economics in your own words.
Economics is the study of how individuals and societies allocate resources to satisfy their wants and needs.
What does economics study?
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What is the central concern of economics?
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What is the main focus of economic analysis?
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