Market structures — types?
Perfect competition, monopolistic, oligopoly, monopoly.
Scarcity — definition?
Limited resources restrict production.
Demand — law?
Higher price leads to lower quantity demanded.
Microeconomics — focus?
Studies individual agents and markets.
Macroeconomics — focus?
Analyzes aggregate economic variables.
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. Which of the following is a key feature that characterizes market failures?
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