Master this deck with 15 terms through effective study methods.
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Studies choices made under scarcity.
Limits the availability of resources.
Value of the next best alternative forgone.
It influences decisions based on expected benefits.
Focus on individual units versus aggregate economic activity.
Choices of consumers and firms in individual markets.
Total economic activity and aggregates like inflation.
As a motivator for maximizing value in choices.
A resource with no opportunity cost.
They affect the value and decision-making process.
Emphasizes opportunity costs and self-interest.
Reflects demand and individual market conditions.
Inquiries about overall economic trends and aggregates.
Micro focuses on individual markets; macro on total output.
58% of economists are employed by government entities.