Economics terms [WELL ELABORATED]

Economics is the study of how a society employs its limited resources to pro- duce goods and services and how it distributes them among competing groups and individuals. Macroeconomics studies the operation of a nation's economy as a whole. Microeconomics looks at the behavior of individual people and organizations in specific markets. Resource development - study of how to increase the amount of available re- sources and create conditions that will make better use of these resources. Economist Thomas Malthus believed that overpopulation would limit eco- nomic progress. Neo-Malthusians (followers of Thomas Malthus) believe that the solution to poverty is: Birth control Provide people with better education - is key to economic growth and devel- opment Adam Smith is considered by some to be the father of modern economics. Which of the following is an important premise of Smith's conclusions about economic prosperity? A. Individual freedom is necessary if a society is to prosper. B. Understanding the concept of survival of the fittest will lead to prosperity. C. Determining what motivates people will lead to prosperity. D. Command economies and structured markets must be in place before we can work toward prosperity. A(n) supply curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period. Which of the following would be a topic emphasized in a microeconomics class? How market conditions determine the price of a specific product. Economics was known as the "Dismal Science" because - Too many people would result in food shortages and shortages of other resources