Macro & Micro Economics

It is the study of the nations economy as a whole.

• Microeconomics

• National economy

• National output

• Macroeconomics

It is the measure of a country's total production of final goods and services in a given period of time.

• Gross National Product

• Gross Domestic Product

• Exports

• Imports

Refer to the study of the economic behaviour of individual components like industries, firms, and households.

• Macroeconomics

• Consumer Behaviour

• Microeconomics

• Positive Economics

It is the main reason why there is a study of microeconomics.

• Resources

• Scarcity

• Household

• Profit

It is a kind of commodity which refers to tangible object (e.g. cars, clothes, shoes, book and many more).

• Production

• Services

• Consumption

• Goods

Scarcity is when

• Unlimited wants is met with limited resources

• Forcing to pick some choices and reject the rest

• Choosing one alternative means giving up another

• All of them

A necessity is something we need to live. Which answer describes a necessity?

• Food
• School

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease