Market structures — types?
Perfect competition, monopolistic, oligopoly, monopoly.
Microeconomics — focus?
Studies individual agents and markets.
Scarcity — definition?
Limited resources restrict production.
Macroeconomics — focus?
Analyzes aggregate economic variables.
Demand — law?
Higher price leads to lower quantity demanded.
Market structures — types?
Perfect competition, monopolistic, oligopoly, monopoly.
Scarcity — definition?
Limited resources vs unlimited wants.
Opportunity cost — definition?
Next best alternative foregone.
Law of demand — relationship?
Inverse between price and quantity demanded.
Law of supply — relationship?
Direct between price and quantity supplied.
Test your knowledge with 21 questions on Fundamentals of Micro and Macroeconomics.
1. What is the primary role of scarcity in economics?
2. What does microeconomics primarily analyze?
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