ECO 111- Chapter 1 questions with
verified answers rated A+
Scarcity - correct answer ✔✔The condition that arises because wants exceed the ability of
resources to satisfy them.
Economics - correct answer ✔✔The social science that studies the choices that individuals,
businesses, governments, and entire societies make as they cope with scarcity, the influences
on those choices, and the arrangements that coordinate them.
Microeconomics - correct answer ✔✔The study of the choices that individuals and businesses
make and the way these choices interact and are influenced by governments.
Macroeconomics - correct answer ✔✔The study of the aggregate (or total) effects on the
national economy and the global economy of the choices that individuals, businesses, and
governments make.
Goods and Services - correct answer ✔✔The objects (goods) and the actions (services) that
people value and produce to satisfy human wants.
Self-interest - correct answer ✔✔The choices that are best for the individual who makes them.
Social Interest - correct answer ✔✔The choices that are best for society as a whole.
Tradeoff - correct answer ✔✔An exchange; giving up one thing to get something else.
Opportunity Cost - correct answer ✔✔The best thing you must give up to get it.
verified answers rated A+
Scarcity - correct answer ✔✔The condition that arises because wants exceed the ability of
resources to satisfy them.
Economics - correct answer ✔✔The social science that studies the choices that individuals,
businesses, governments, and entire societies make as they cope with scarcity, the influences
on those choices, and the arrangements that coordinate them.
Microeconomics - correct answer ✔✔The study of the choices that individuals and businesses
make and the way these choices interact and are influenced by governments.
Macroeconomics - correct answer ✔✔The study of the aggregate (or total) effects on the
national economy and the global economy of the choices that individuals, businesses, and
governments make.
Goods and Services - correct answer ✔✔The objects (goods) and the actions (services) that
people value and produce to satisfy human wants.
Self-interest - correct answer ✔✔The choices that are best for the individual who makes them.
Social Interest - correct answer ✔✔The choices that are best for society as a whole.
Tradeoff - correct answer ✔✔An exchange; giving up one thing to get something else.
Opportunity Cost - correct answer ✔✔The best thing you must give up to get it.
