Explain the following term
1. Microeconomics deals with:
2. Macroeconomics deals with:
3. Scarcity in economics means:
4. The problem of determining what goods and services society should produce:
5. Marginal analysis:
6. Which of the following principles underlie the economics of individual choices?
7. Specialization and trade usually lead to:
8. Economists believe that resources should be used as efficiently as possible to:
9. The production possibilities curve illustrates that:
10. When moving along a production possibilities curve, the opportunity cost to society of getting more of one good:
11. The fact that a society s production possibilities curve is bowed out or concave to the origin of a graph demonstrates the law of:
12. Technological improvements will:
13. The concept of comparative advantage is based upon: