Economics+-+Fundamental+Economic+Concepts

Microeconomics and Macroeconomics (SW)

 * //__Sample Questions:__//**


 * 1) In a market economy, (Blank) determines what will be produced, how it will be produced, and how it will be sold.
 * 2) The attempt to identify cause and effect relationships is known as (Blank) Economics.
 * 3) When a country can produce a good at a lower relative cost compared to other countries, it is said to have a (Blank) in the production of that good.
 * 4) The belief that people make choices by comparing the costs and benefits of each action is referred to as (Blank).
 * 5) The term that economists use to describe the quantities of a good that a firm can sell at different prices is called the (Blank).
 * 6) When a decrease in the price of one good causes an increase in the demand for the other, these two goods are called (Blank).
 * 7) By establishing the value of different goods and services, money serves as a(n) (Blank).
 * 8) Consumers must make choices as a result of (Blank).
 * 9) What are the conditions for a perfectly competitive market?
 * 10) What are the distinguishing features of a public good?
 * 11) The study of economics is primarily focused on the interconnected problems of (Blank) and (Blank).