Unit 1-Introduction to IB Economics-introduction terms

What is the main focus of macroeconomics?

• Focus on micro-level economic factors

• Analysis of specific industries

• Study of individual consumer behavior

• Study of the economy as a whole

Which branch of economics studies the economy as a whole?

• International economics

• Microeconomics

• Macroeconomics

• Behavioral economics

Which branch of economics deals with issues like inflation, unemployment, and economic growth?

• Microeconomics

• Macroeconomics

• Supply and demand

• Behavioral economics

Which branch of economics deals with issues like supply and demand, pricing, and market structures?

• Political Science

• Macroeconomics

• Finance

• Microeconomics

Which branch of economics is concerned with the behavior of individual consumers and firms?

• Nanoeconomics

• Astroecomics

• Macroecomics

• Microeconomics

Which branch of economics analyzes the factors that determine the production, distribution, and consumption of goods and services?

• Microeconomics

• Macroeconomics

• Chemistry

• Astrology

Which branch of economics studies the aggregate effects on the national economy of the choices made by individuals, businesses, and governments?

• Microeconomics

• Macroeconomics

• Psychology

• Astroeconomics

Difference between need and want

• Need is something you desire and want is something required for survival.

• Need is something you require for survival and want is something you desire.

A  point above the PPF curve represents

• efficiency
• inefficiency
• Unemployment
• Unattainable

Positive statements are

• macroeconomic.
• microeconomic.
• statements of description that can be tested.
• statements of prescription that involve value judgments.