Econ 2106:
Principles of
Microeconomics
(20 questions
and answers)
Scarcity - answer Situation where unlimited wants exceed limited resources
Economics - answer Study of how individuals and societies allocate scarce
resources to satisfy unlimited wants
Efficiency - answer Achieving the maximum output from limited resources
Equality - answer Fair distribution of resources and opportunities among
society's members
Opportunity cost - answer The value of the next best alternative foregone
when a decision is made
Rational people - answer Individuals who systematically pursue their goals
based on available information
Principles of
Microeconomics
(20 questions
and answers)
Scarcity - answer Situation where unlimited wants exceed limited resources
Economics - answer Study of how individuals and societies allocate scarce
resources to satisfy unlimited wants
Efficiency - answer Achieving the maximum output from limited resources
Equality - answer Fair distribution of resources and opportunities among
society's members
Opportunity cost - answer The value of the next best alternative foregone
when a decision is made
Rational people - answer Individuals who systematically pursue their goals
based on available information
