Economic Problem Flashcards
1
Q
what is the economic problem?
A
the total of wants is virtually unlimited and we are faced with limited resources. each choice we make has a price called an opportunity cost.
2
Q
what is microeconomics?
A
the behaviour of individual participants in society.
3
Q
what is macroeconomics?
A
the behaviour of entire economies and the decisions that society must make as a whole.