ECON 201 Quiz 1

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The branch of economics that examines the impact of choices on aggregates in the economy is
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macroeconomics
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When we are forced to make choices we are facing the concept of
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scarcity
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An economic system is the set of rules that define _______ and _______
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how an economy’s resources are to be owned; how decisions about the resources are to be made
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In a market capitalist economy
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factors of production are owned privately and decisions about their use are basically made by individuals
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The branch of economics that examines the choices of consumers and firms is
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microeconomics
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Scarcity in economics means
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not having sufficient resources to produce all the goods and services we want
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The basic concern of economics is
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to study the choices people make
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Whenever a choice is made
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the opportunity cost of that choice is value of the next best alternative
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Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of
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opportunity costs; choices

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