Term
| The study of economics arises due to... |
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Definition
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Term
| The term "market" in economics refers to... |
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Definition
| a group of buyers and sellers of a product and the arrangement by which they come together to trade |
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Term
| Economists assume that... |
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Definition
| optimal decisions are made at the margin. |
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Term
| Economists assume that rational people... |
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Definition
| respond to economic incentives. |
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Term
| Trade-offs force society to make choices when answering what three fundamental questions? |
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Definition
| What goods and services to produce; how will these goods and services be produced; and who receives them? |
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Term
| Economics is the study of the ________ people make to attain their goals, given their ________ resources. |
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Term
| Opportunity cost is defined as |
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Definition
| the highest valued alternative that must be given up to engage in an activity. |
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Term
| Which of the following is a positive economic statement? |
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Definition
| If the price of gasoline rises, a smaller quantity of it will be bought |
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