economic startup and economic problem

Question 1

what does economics study

Answer 1

Economics is a social science that studies how people use scarce resources for production, distribution, and consumption, both individually and collectively

Question 2

What is microeconomics the study of?

Answer 2

Economics at the individual, industry or household level.

Question 3

what is macroeconomics the study of?

Answer 3

Macroeconomics is the study of the economy as a whole or on a large scale12345. It examines how economy-wide factors and phenomena, such as inflation, unemployment, growth, income, and GDP, interact and affect the performance, structure, and behaviuor of the economy1245. It also considers the choices and goals of the major subsectors of the economy, such as households, businesses, and governments

Question 4

What is a positive statement?

Answer 4

A positive economic statement is a factual and objective statement about the economy that describes an expanding or improving economy

Question 5

what is a normative statement?

Answer 5

a normative statement is one that is more opinionated or personal and is presented on a subjective value based level

Question 6

What are the 3 assumptions microeconomists make?

Answer 6

Rational consumers want to maximize satisfaction
from the products they purchase.
Producers/Companies wish to maximize profits by
producing goods at the lowest cost.
Government operates in the best interests of it’s
citizens by improving the economic and social
welfare of the aforementioned.

Question 7

whats an oppurtunity cost

Answer 7

It measures the cost of a choice compared to the next best option.

Question 8

What are the factors of production?

Answer 8

Land
Labour
Enterprise
Capital