This statement that “Figures on unemployment show that it dropped slightly from 8.3% to 8.1%” is a
Positive economics statement
Production of goods and services require land capital labor and entrepreneurship, they are called
Factors of production
When you economize based on what you perceive as the best combination of cost an you are most influenced byd benefits
Incentives and utility
Why do economists interpret economic statistics & data to foresee the direction of economic growth?
to discover trends connections and relationships.
Why is economics considered a “dismal science"?
Because makes predictions about the future.
The study of economic behavior as a whole concerning large-scale economic activity
Macroeconomics
Which factor of production includes all the time effort and talent used to produce goods and services?
Labor
The alternative that you give up when you make an economic choice
Opportunity cost
