Macroeconomics deals with Study guides, Class notes & Summaries

Limited Resources - paychecks Unlimited resources - ex: cars, apartments Scarcity - the limited nature of society's resources Resources - land, labor, capital, time, entrepenurship Economics - The study of how people interact with one another. It's about how people make decisions. microeconomics - study of hoe households and firms make decisions and how they interact in specific markets. macroeconomics - study of economy-wide phenomena. including inflatio...

natural resources land and minerals biological resources wildlife, crops, etc human resources services provided by laborers that lead to the production of goods manufactured goods machines, equipment, and structures. the economic benefit should exceed the _____ cost opportunity cost - cost of an activity measured in terms of the best alternative. specialization - focusing the use of our resource on a specific task. - usually leads to a higher out...

1. Suppose you have a question about some of the ECO 202 course material that you want to ask your instructor. The best way to communicate with the instructor is by... a. Email b. Telephone c. Dropping by your instructors office d. All of the above. 2. Students who successfully complete this course will be able to... a. Distinguish positive and normative macroeconomic issues b. Make appropriate choices among alternative frames of reference for analyzing macroeconomic issues. c. Use rel...

AP Economics Final Exam Study Sheet Krugman Text 2023- MACE...

economics CORRECT ANSWER the study of satisfying unlimited wants by utilizing limited resources scarcity CORRECT ANSWER unlimited wants and limited resources the economic problem CORRECT ANSWER deals with the problem of scarcity Microeconomics CORRECT ANSWER studies decisions by individual firms and governments Macroeconomics CORRECT ANSWER studies decisions made or actions taken by the entire economy ex. inflation, unemployment, GDP rationality assumption CORRECT ANSWER assumes...

Chapter 4—Price: The Role of Demand and Supply MULTIPLE CHOICE 1. 2. 3. 4. 5. 6. For demand to exist, there must be a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these. ANS: A PTS: 1 DIF: Easy NAT: TOP: B-Head: Law of Demand KEY: Bloom's: Knowledge The demand for a product at a given time is defined as the a. desire for it. b. sum spent on it. c. measure of to...

Econ 102 quiz 1 | Econ 102 quiz 1. Economics is best defined as the study of A. financial decision-making B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. inflation, unemployment, and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole. B. microecono...

Economics - Unit 1 Economics Fundamentals 100% Pass economics 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity a situation in which unlimited wants exceed the limited resources available to fulfill those wants trade-offs giving up one thi...

TEST BANK for Macroeconomics in Modules, 3rd Edition by Paul Krugman, Robin Wells. All Chapters (Complete download). 1248 Pages Test Bank for Macroeconomics in Modules, 3e Paul Krugman, Robin Wells (All Chapters) Chapter 1 1. Scarcity in economics means: *a. we do not have sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. shortages exist in nearly all markets. 2. If resources ar...

Kindly direct content-related queries to your e-tutor on the discussion forum of your e-tutors website on myUnisa and contact the university administration if you have any problems regarding all others matters. How can students contact Unisa? Visit the myUnisa website. Click on the "Contact" icon where you will find all the necessary contact details. Please only contact your lecturers with content-related queries if you are unsatisfied with the response of your e-tutor. We trust ...