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Basics of economics Flashcards | StudBud

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Basics of economics

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Review the economic concept seen in class.

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Questions 6

Answers

1
Macroeconomics involves....
Policies of the Federal Reserve Bank.
Individual units that comprise the economy.
The broader economy - growth, inflation, unemployment, etc.
Businesses and households.
2
Microeconomics involves...
Only households selling resources.
Individuals, households, and businesses.
Inflation, growth, employment, interest rates.
The broader economy.
3
All choices entail an opportunity cost
True
False
4
The three basic economic questions are: What to Produce, How to Produce and ...
Who gets to consume?
How to produce?
What to consume?
Who produces?
5
Economics mainly studies...
People controlling money in an economy
People allocating limited resources to satisfy unlimited wants
Consumers deciding what to buy
Government deciding what to produce
6
The limited nature of society's resources is known as
Allocation
Government Assets
Scarcity
Basic Economic Questions