Economics chapter 1
One major feature of the economic perspective is:
the assumption of purposeful behavior by individuals
Macroeconomics is the study of economics from the standpoint of:
the overall economy
The branch of economics that focuses primarily on aggregates is:
Macroeconomics
Economics have difficulty applying the scientific method because:
controlled laboratory experiments are impossible or often infeasible
The general concern of economics is with the study of the:
efficient use of limited productive resources to satisfy economic wants
The individual who brings together economic resources and assumes the risk in a capitalist economy is called the:
entrepreneur
economics is the study of what?
how people, institutions, and society make choices under conditions of scarcity
As a consequence of the condition of scarcity:
individuals and communities have to make choices from among alternaties
The basic economic problem is essentially one of deciding how to make the best use of:
limited resources to satisfy unlimited economic wants
The primary focus of the study of economics is with:
making the most efficient use of scarce productive resources
From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that he:
marginal benefits of more insurance coverage are greater that the marginal costs
The term scarcity in economics refers to the fact that:
no country can produce enough products to satisfy everybody's economic wants
Macroeconomics focuses on:
total output and the general level of prices in the economy
The satisfaction or pleasure one gets from consuming a good or service is:
utility
The utility of a specific product:
varies from person to person using the product