1. What is the best description of the study of economics?

2. What is included under the topic of microeconomics?

3. How do economists characterize choices that are best for the individuals that make them?

4. What is an opportunity cost?

5. What do economists call the opportunity cost of a one-unit increase in an activity?

6. How does the benefit of a one-unit increase in an activity vary as you do more of it?

7. What do economists mean by the term ‘incentive’

1. What is the difference between consumption and capital goods?

2. What are the factors of production?

3. What is the definition of the phrase ‘factors of production’?

4. How do developing economies compare to advanced economies in terms of human and physical capital?

5. In what type of economies does most of the world's population live?

6. As shown in the circular flow model, where do the factors of production flow from and to?

7. What economic decisions are made by firms and what economic decisions are made by households?

1. How are the attainable production points shown in a production possibilities frontier diagram?

2. How is unemployment shown on a production possibilities frontier diagram?

3. (graph) How is opportunity cost calculated, using a production possibility frontier diagram?

4. How is the shape of a typical production possibilities frontier related to the opportunity cost of producing a good?

5. (graph) How choices leading to economic growth shown on a PPF diagram?

6. According to economists, what should a nation do to increase its economic growth?

7. What do economists mean by the phrase ‘comparative advantage’?

8. How are the gains from specialization and trade shown on a PPF diagram?

1. How are market demand curves are constructed

2. What happens to the demand for a good if a complement's price changes?

3. What is the underlying reason for the law of supply?

4. What factors could cause a change in supply

5. (graph) How are shortages and surpluses shown on a demand and supply diagram?

6. What factors could cause a change in demand?

7. How are equilibrium price and quantity affected by a change in supply?

1. What does price elasticity of demand measure?

2. What is the formula for calculating price elasticity of demand?

3. What happens to a firm’s total revenue when it raises the price of its product?

4. What is the formula for calculating price elasticity of supply?

graph) How is the elasticity of a supply curve shown graphically?

6. What does cross elasticity of demand measure

7. How does income elasticity of demand vary between normal and inferior goods

1. For economists, what is the difference between value and price?

2. What is the definition of consumer surplus

3. What do economists call the cost of producing one more unit of a good or service?

4. How do economists define the term ‘cost’?

5. What determines if a market is efficient?

6. What do we call the loss suffered by society when a market is inefficient?

7. To what does the phrase "the big tradeoff" refer?

1. What do economists use to show the limits to what a consumer can buy?

2. How does a change in price affect a budget line?

3. How does the budget line change if the consumer’s budget increases?

4. How does total utility change as more of a good is consumed

5. To what does the phrase ‘marginal utility’ refer?

6. How do economists resolve the paradox of value

7. How does marginal utility change as more of a good is consumed?