1. Faced with (economic models, scarcity) people must make choices 2. (Macroecon

Question

1. Faced with (economic models, scarcity) people must make choices 2. (Macroeconomics; Microeconomics) is the study of the choices the individuals and businesses make and the way these choices interact and are influenced by governments 3. Choices that are the best for the person who makes them are made in (self-interest social interest), 4. The (opportunity, marginal) cost of an activity is the best alternative given up. 5. The (benefit, rational choice) of an activity is measured by what you are willing to give 6. We make a rational choice to do an activity if the (marginal benefit, marginal cost) of the 7. A statement that tells 'what is is a (positive: normative) statement and a statement that 8. A (scatter diagram; time-series graph; cross-section graph) measures time along the 9. If the graph of a relationship between two variables slopes upward to the right, the two up. activity exceeds the (marginal benefit, marginal cost). tells 'what ought to be" is a (positive; normative) statement. x-axis and the variable along the y-axis variables have a (positive; negative) relationship (x-axis: y-axis) divided by the change in the value of the variable measured along the 10. The slope of a relationship is the change in the value of the variable measured along the (x-axis; y-axis)

Explanation / Answer

1. scarcity (when resources are scarce people must choose what to produce)

2. Microeconomics (focus on interactions between individuals and firms and governments, whereas macroeconomics decision making of economy as a whole)

3. self interest (best choices for oneself are often not the best for society)

4. opportunity (by definition opportunity cost is the cost of the next best alternative that is given up)

5. benefit (benefit is measured by how much a person is willing to give up something to get something)

6. marginal benefit exceeds marginal cost

7. positive, normative

8. time series (time series graph analyses one variable across time)

9. positive

10. y-axis/x-axis (slope formula)

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