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