Definition of economics
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- Understanding the Definitions and Terminologies
I have a(n) ______________ because I am not able to satisfy all my wants.
- Because we face scarcity, we must make ____________________.
- Understanding the Branches of Economics
Which of the following is not an example of Microeconomics?
- The unemployment rate of a country
- How much an individual company makes
- Taxes and subsidies of a product
- Competitive Market
- Understanding How the Market Works
What is the goal of a buyer (consumer)?
- Gain max profit
- Sell supplies of a product
- Demand a product for a high price
- Gain max utility
- When supply and demand are in balance, then we will have ___________________.
- An equilibrium price
- No excess
- No shortage
- All of the above