Lesson 1 Quiz (Microeconomics)

A ________ cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the "opportunity cost" (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.

"Allocation" is concerned with how we choose to use our ________ resources on some variety of different projects.

The "marginal _________" of going to a particular concert is the additional benefit (satisfaction or pleasure) that is gained.

Over a reasonable period of time a nation must choose to balance its trade ____________ in order to prosper.

In the Product Markets of the Circular Flow model, Businesses provide Goods and Services to the ____________ sector in exchange for Consumption Spending (or Revenues).

__________ is the goal which seeks increases in goods and services produced.

Ecological balance is the goal that assumes the global economy can achieve _____________ economic conditions while maintaining a sustainable, living, planet.

______________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.

________________ analyzes how we choose to use our resources on a smaller scale and includes measures of performance such as consumer utility patterns, business profits, and business costs.

If you, as an individual, conclude that paying no taxes is a good thing for you, then it must be a good thing for the entire society.

Economists are social scientists who seek to __________ the allocation of scarce resources with a goal of bringing at least "basic satisfaction" to all members of a society.

The goal of Social Balance and Equity requires appropriate _____________ to be taken on by all people in the economy including consumers, business people and government officials.

The description of an economy by stating "opinions" is called _______________ .

_________ Economics is the application of the Principles of Economics to decision making. (choices) by the various arms of the government.

Being ________ means being able to clearly understand what one needs and being able to clearly understand the cost of gaining the fulfillment of each need.

A ________________ exists when we conclude that something that is good for an individual is also good for the entire society.

The goal of "Growth" is to increase the ___________ (adjusted to not include inflation) value of GDP in an economy.

"Allocation" is concerned with how we choose to use our scarce resources on ___________________.

Stability is the goal of economics seeking to ______________ so that an economy does not experience high inflation.

Over a reasonable period of time a nation must choose to___________________ within the global markets in order to prosper.

Economists are ____________ (concerned with human behavior and cultural values) who seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for individuals, communities, and entire societies.

Policy Economics is the application of the Principles of Economics to decision making (choices) by the various arms of the _____________ .

In order to evaluate the ________ that must be made toward providing value for people, it is assumed that all parties to the process are rational.

The description of an economy by stating "facts" is called __________________ .

The amount of goods and services produced is measured by ____________ .

The Principles of Economics are the generally accepted theories about ___________.