Week 1

Question 1

Economics

Answer 1

Is the study of how ppl & society deal with the issue of scarcity

Question 2

GDP

Answer 2

The total value of G & S produced in a country’s economy

Question 3

Business cycle

Answer 3

Fluctuation in country’s economic activity

Question 4

Relative scarcity

Answer 4

Limited resources relative to society’s unlimited wants

Question 5

Opportunity cost

Answer 5

The economic cost of a decision ( value of alternative given up)

Question 6

Scarcity

Answer 6

Is the fundamental economic problem of having limited resources to satisfy infinite wants

Question 7

Macroeconomics

Answer 7

Studying the national economy as a whole

Question 8

Microeconomics

Answer 8

Studying the economy at the consumer & company level

Question 9

Economic system

Answer 9

How the system allocates scarce resources for G&S to satisfy society’s needs & wants, answers the 3 questions.

Question 10

Choice

Answer 10

An issue on which wants consumers, producers & society want to satisfy