Scarcity

Inflation

Unemployment

Economic growth

The value of the next best alternative that is given up

The total cost of the decision

The difference between the benefits and costs of the decision

The amount of money spent on the decision

Microeconomics focuses on individual markets and behavior, while macroeconomics focuses on the economy as a whole

Microeconomics focuses on short-term economic fluctuations, while macroeconomics focuses on long-term economic trends

Microeconomics focuses on the behavior of individual consumers and firms, while macroeconomics focuses on the behavior of governments and central banks

Microeconomics focuses on the supply and demand of individual goods and services, while macroeconomics focuses on the overall supply and demand of all goods and services in the economy

The law of supply and demand states that the quantity of a good or service supplied increases as the price increases, and the quantity of a good or service demanded decreases as the price increases

The law of supply and demand states that the quantity of a good or service supplied decreases as the price increases, and the quantity of a good or service demanded increases as the price increases

The law of supply and demand states that the quantity of a good or service supplied is independent of the price, and the quantity of a good or service demanded is independent of the price

The law of supply and demand states that the quantity of a good or service supplied is equal to the quantity of a good or service demanded at all prices

Elasticity of demand measures the responsiveness of the quantity of a good or service demanded to changes in its price

Elasticity of demand measures the responsiveness of the quantity of a good or service supplied to changes in its price

Elasticity of demand measures the responsiveness of the total revenue from the sale of a good or service to changes in its price

Elasticity of demand measures the responsiveness of the profit from the sale of a good or service to changes in its price

Elasticity of supply measures the responsiveness of the quantity of a good or service supplied to changes in its price

Elasticity of supply measures the responsiveness of the quantity of a good or service demanded to changes in its price

Elasticity of supply measures the responsiveness of the total revenue from the sale of a good or service to changes in its price

Elasticity of supply measures the responsiveness of the profit from the sale of a good or service to changes in its price

Perfect competition is a market structure in which there are many buyers and sellers, each of whom has a small share of the market

Perfect competition is a market structure in which there is only one buyer and one seller

Perfect competition is a market structure in which there are a few large buyers and sellers, each of whom has a large share of the market

Perfect competition is a market structure in which there are many buyers and sellers, each of whom has a large share of the market

Monopoly is a market structure in which there is only one seller of a good or service

Monopoly is a market structure in which there are many buyers and sellers, each of whom has a small share of the market

Monopoly is a market structure in which there are a few large buyers and sellers, each of whom has a large share of the market

Monopoly is a market structure in which there are many buyers and sellers, each of whom has a large share of the market

Oligopoly is a market structure in which there are a few large buyers and sellers, each of whom has a large share of the market

Oligopoly is a market structure in which there is only one seller of a good or service

Oligopoly is a market structure in which there are many buyers and sellers, each of whom has a small share of the market

Oligopoly is a market structure in which there are many buyers and sellers, each of whom has a large share of the market

Externalities are the unintended consequences of an economic activity that affect parties other than those directly involved in the activity

Externalities are the intended consequences of an economic activity that affect parties other than those directly involved in the activity

Externalities are the unintended consequences of an economic activity that affect only those directly involved in the activity

Externalities are the intended consequences of an economic activity that affect only those directly involved in the activity

Public goods are goods or services that are non-rivalrous and non-excludable

Public goods are goods or services that are rivalrous and non-excludable

Public goods are goods or services that are non-rivalrous and excludable

Public goods are goods or services that are rivalrous and excludable

Private goods are goods or services that are rivalrous and excludable

Private goods are goods or services that are non-rivalrous and non-excludable

Private goods are goods or services that are non-rivalrous and excludable

Private goods are goods or services that are rivalrous and non-excludable

Economic growth is the sustained increase in the real value of goods and services produced in an economy over time

Economic growth is the sustained decrease in the real value of goods and services produced in an economy over time

Economic growth is the sustained increase in the nominal value of goods and services produced in an economy over time

Economic growth is the sustained decrease in the nominal value of goods and services produced in an economy over time

Economic development is the process by which a country's economy improves over time, leading to a better quality of life for its citizens

Economic development is the process by which a country's economy worsens over time, leading to a worse quality of life for its citizens

Economic development is the process by which a country's economy remains the same over time, leading to no change in the quality of life for its citizens

Economic development is the process by which a country's economy declines over time, leading to a worse quality of life for its citizens

International trade is the exchange of goods and services between countries

International trade is the exchange of goods and services within a country

International trade is the exchange of goods and services between individuals

International trade is the exchange of goods and services between businesses