Micro, macro and resource allocation

Macroeconomics deals with

• Economy as a whole

• Individual

• Both Economy as a whole as well as individual

• None of these

Microeconomics can be defined as ...

• the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

• the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.

An economic system that allows individuals to start businesses, but still has government regulations is

• Traditional

• Market

• Command

• Mixed

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

• Traditional

• Command

• Market

• Mixed

Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?

• Traditional

• Planned

• Market

• Mixed

A ______________ is a place where people buy and sell goods.

• building

• factory

• market

Ava wants to buy present for her sister. Ava is a ___________.

• buyer

• seller

• producer

When you are keeping your money to use for later, you are ____________ it.

• spending

• saving

• using

Mary woke up early to open her grocery store. Mary is a __________.

• seller

• buyer

• consumer

Which two things people do at a market?

• play

• sell

• buy