BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Opportunity costs
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Trade offs
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Decision
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Possibilities
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Detailed explanation-1: -What Is Economics? Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.
Detailed explanation-2: -Microeconomics is based on models of consumers or firms (which economists call agents) that make decisions about what to buy, sell, or produce-with the assumption that those decisions result in perfect market clearing (demand equals supply) and other ideal conditions.
Detailed explanation-3: -Key Takeaways. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
Detailed explanation-4: -People make choices because they cannot have everything they want. All choices require giving up something (opportunity cost) Economic decision-making requires comparing both the opportunity cost and the monetary cost of choices with benefits.