What are the three allocation problems all societies face

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Section 1 - Vocabulary: Test your comprehension of key economic terms used throughout the course by completing the following sentence frames using the terms listed below.

Allocate Economics Microeconomics

Benefit(s) Economic Model Resources

Cost(s) Economic Principle Scarcity

Decisions Macroeconomics

1. Fundamentally, economics is the study of how human beings make

2. A is something a person can use to satisfy a want, need or desire.

3. What must be given up as a result of a decision is called the of the decision.

4. What is gained as a result of a decision is called the

5. is the side of economics that looks at how individuals make decisions and react to changes in their reality.

6. Economists use to help visualize and explain economic principles and ideas.

7. The behaviors and insights economic models and theories are based upon are called

8. The reason why we must make decisions and we cannot have everything we want is of resources.

9. is the side of economics which studies the economy as a whole. Topics such unemployment and economic growth are the focus of this sub-discipline.

10. The problem of scarcity forces us to choose how we should our scarce resources.

11. The decisions we must make as a result of the problem of scarcity is the focus of the study of

The following questions are designed to reinforce your knowledge of the topics presented in this module. Please answer each question thoughtfully and use complete sentences for your answers.

1. Give an example of a scarce resource and at least two different uses for that resource.

2. What are the three allocation problems all societies face as a result of scarce resources?

3. One of the most famous saying in economics is that "There Ain't No Such Thing As A Free Lunch" Give a brief explanation of what this saying means given your brief exposure to the study of economics.

Reference no: EM13757942

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