1.The branch that deals with the parts of the economy is ______.

Macroeconomics

Microeconomics

2.

Economics is the study of

how people, firms, and governments make decisions about how to allocate scarce resources to meet unlimited wants.

the study of the financial system of a society.

money.

how goods are produced

3.A desire that can be satisfied by consuming an economic good or service is an economic want.

True

False

4.The branch of Economics that deals with the economy as a whole is _____.

Microeconomics

Macroeconomics

5.The problem of resources being limited, but wants being unlimited is the economic concept of ________.

economy of scale

scarcity

supply

opportunity cost

6.Any reward or benefit that encourages someone to do something is called an ____________________.

incentive

desire

want