Questions and Answers
Which word does the term 'economics' originate from?
oikonomia
What is the definition of economics?
The study of how society decides to allocate scarce resources among different alternative uses in order to satisfy the most important wants of people.
What are the three fundamental questions in economics?
What to produce and in what quantity, How to produce, and For whom to produce.
What are the characteristics of microeconomics?
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What are the characteristics of macroeconomics?
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