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3 cards from this section. Quick, good the night before a test.
Define economics in your own words.
Think about scarcity and choices.
What are the two main branches of economics?
One focuses on individuals, the other on the economy as a whole.
What is economics primarily concerned with?
Consider the entire process of goods.
Microeconomics studies which of the following?
Think small!
Evaluate how microeconomic principles can impact macroeconomic outcomes in a country. Provide specific examples.
Think about how individual decisions aggregate to affect the larger economy.
Discuss how the concept of opportunity cost applies when a government makes budgetary decisions.
Focus on what is sacrificed for a particular choice.
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