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Economics is a social science that studies how individuals, institutions, and society may:
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Best use resources to maximize satisfaction of economic wants
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A recurring theme in economics is that people:
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Have unlimited economic wants, but limited resources
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The basic truth that underlies the study of economics is the fact that we all face:
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Scarcity
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As a consequence of the problem of scarcity:
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Individuals have to make choices from among alternatives
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The idea in economics that "there is no free lunch" means that:
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there are opportunity costs involved even in free lunches
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The opportunity cost of doing or getting something is best and fully defined as:
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The value of the best alternative that is given up in order to do or get something
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Lauren makes $150 a day as a bank clerk. She takes two days off work without pay, to fly to another city to attend the concert of her favorite band. The cost of transportation and lodging for the trip is $250. The cost of the concert ticket is $50. The opportunity cost of Lauren's decision to attend the concert is:
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$600
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From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the:
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Marginal cost of waiting is greater than the marginal benefit of being served
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The role of an assumption in an economic theory is to
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Simplify the complex reality
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The ceteris paribus assumption is employed in economic analysis, in order to:
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Simplify the complex world
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