Scarcity — definition?
Limited resources versus unlimited wants
Economics — study focus?
Resource allocation and welfare maximization.
Resources — types?
Natural and human-made assets
Resources — types?
Natural and human-made.
Microeconomics — focus?
Individual and firm decisions, markets
Micro vs macro — focus?
Micro: individuals/firms; macro: economy-wide.
Opportunity cost — definition?
Value of next best alternative foregone.
Market equilibrium — cause?
Supply equals demand.
Key macro indicators?
GDP, inflation, unemployment.
Marginal analysis — purpose?
Optimize decisions via small changes.
Test your knowledge with 9 questions on Fundamentals of Economics and Resource Allocation.
1. What is the primary focus of economics?
2. What is the primary focus of microeconomics?
Review the complete course in the revision sheet for Fundamentals of Economics and Resource Allocation.
See revision sheet →Import your course and AI generates flashcards in 30 seconds.
Flashcard generator