Scarcity — definition?
Limited resources versus unlimited wants
Resources — types?
Natural and human-made assets
Microeconomics — focus?
Individual and firm decisions, markets
Economics — study focus?
Resource allocation and welfare maximization.
Resources — types?
Natural and human-made.
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. Which of the following best illustrates the concept of opportunity cost?
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