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Study with Quizlet and memorize flashcards containing terms like The highest-valued alternative that is given up or sacrificed when choosing to produce or consume one good over another is referred to as:, Combinations attainable given a consumer's budget line, A consumer's ___________ line or constraint shows various combinations of two products that can be purchased with a specific amount of ...
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.
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.
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
Vocab: Models: simplifications to understand complex situations and draw conclusions of cause and effect; Ceteris Paribus assumption: all else equal Concepts:
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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.
Chapter 1: Exploring Economics Definition of Economics: Economics is the study of how people allocate scarce resources to satisfy their unlimited wants and needs. Microeconomics vs. Macroeconomics: Microeconomics focuses on individual economic agents (e., consumers, firms), while macroeconomics deals with the economy as a whole (e., inflation, GDP).
