ECON 1100: Chapter 1 questions with
verified answers graded A+
Economics - correct answer ✔✔the social science that studies how people make
decisions in the face of scarcity
social science - correct answer ✔✔central focus of study is how people behave
and interact with each other
scarcity - correct answer ✔✔a universal phenomenon that arises because
resources are available in finite, limited amounts. Tradeoffs exist: having more of
one thing means getting by with less of something
microeconomics - correct answer ✔✔the branch of economics that studies how
individual decision-makers behave and interact with each other. focused on
individual units
macroeconomics - correct answer ✔✔studies the functioning and performance of
a society's economy as a whole. focuses on the aggregate economy
positive statment - correct answer ✔✔a claim that attempts to describe how the
world actually is or how the world actually functions. fact based, observation,
refuted by evidence
verified answers graded A+
Economics - correct answer ✔✔the social science that studies how people make
decisions in the face of scarcity
social science - correct answer ✔✔central focus of study is how people behave
and interact with each other
scarcity - correct answer ✔✔a universal phenomenon that arises because
resources are available in finite, limited amounts. Tradeoffs exist: having more of
one thing means getting by with less of something
microeconomics - correct answer ✔✔the branch of economics that studies how
individual decision-makers behave and interact with each other. focused on
individual units
macroeconomics - correct answer ✔✔studies the functioning and performance of
a society's economy as a whole. focuses on the aggregate economy
positive statment - correct answer ✔✔a claim that attempts to describe how the
world actually is or how the world actually functions. fact based, observation,
refuted by evidence
