Applied Economics: The Review

This is how the society responds to the basic economic problems.

This is economics that look in everyday life.

Occurs when companies sell identical products

This is a statement that answers ‘what is?’ in economics.

The things we give up or don’t do because we choose something else.

The choices on what, how, or whom to produce is weighed on the shoulders of the consumers and producers.

What primarily happens when there is a shortage?

The idea that the demand for a good or service is higher than what is available.

The airline industry is a classic example of this market structure.

Coffee shops are a classic example of this market structure.

Refers to ‘what ought to be’ or ‘what should be’.

Econ as a social science: using scientific method & knowledge to achieve practical result to be used in decision-making.

It is the economics that study the individual behavior and how it is affected by the group-level influences.

Basic economic problems are weighed on the shoulders of the government.

The resources consumed in production in order to make products and services.

Scientific method is the method of inquiry used in examining economic activities and issues.

Wants are things that is needed by a person in order to survive.

In what way does economics becomes a applied science?

Which of the following is NOT the solution to scarcity?

Decision relies on conventions, observances, history and practice of beliefs.