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microeconomics. concerned with individual labour markets and consumer behaviour. microeconomics. major factors include, demand, supply, factor, pricing, product pricing, production consumption, etc. macroeconomics. the economy as a whole. Study with Quizlet and memorize flashcards containing terms like ECONOMICS, ECONOMICS, ECONOMICS and more.
economics. the study of how people seek to satisfy their needs and wants by making choices. shortage. a situation in which consumers want more of a good or service than producers are willing to make available at a particular price. entrepreneur. a person who decides how to combine resources to create goods and services.
Principle 10. Society faces a short run trade-off between inflation and unemployment. Short run effects on monetary injections. 1. stimulates the level of spending (higher demand of goods and services) 2. Firms raise prices and higher more workers/produce more goods and services. 3. lower unemployment.
Economists analyze problems differently than do other disciplinary experts. The main tools economists use are economic theories or models. A theory is not an illustration of the answer to a problem. Rather, a theory is a tool for determining the answer. 1.4 How To Organize Economies: An Overview of Economic Systems
Aug 27, 2021 · View Economics chapter 1 quiz Flashcards | Quizlet.pdf from SOCIAL STU 101 at Highland Park High, Highland Park. Economics chapter 1 quiz Flashcards | Quizlet 8/25/21, 10)11 AM Economics chapter 1
1. Scarcity means human wants for goods and services exceed the available supply. Supply is limited because resources are limited. Demand, however, is virtually unlimited. Whatever the supply, it seems human nature to want more. 2. 100 people / 10 people per ham = a maximum of 10 hams per month if all residents produce ham.
View Test prep - Economics Chapter 1 Flashcards _ Quizlet.pdf from ECON 1101 at Georgia State University, Perimeter College. 2/6/2019 Economics Chapter 1 Flashcards | Quizlet Economics Chapter 1 26
