Chapter 1 Quiz - Chapter 1 Quiz 1 Economics is how the...

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Chapter 1 Quiz 1.) Economics is how the market process works. It details how wealth is made by people and how they spend that wealth in their community. Economics describes how people use resources that are limited, the various uses they have for these resources, and how they satisfy their wants. 2.) Microeconomics is the part of economics concerned with decision making by individual cus- tomers, workers, households, and business firms. Macroeconmics is to examine the performance and behavior of the economy as a whole. It focuses its attention on economic growth, the busi- ness cycle, interest rates, inflation, ad the behavior of major economic aggregates sure as the government, household, and business sectors. 3.) A.) Positive B.) Normative C.) Positive D.) Normative F.) Positive 4.) Economist mean that resources are not so unlimited that we can use them freely for every- thing everyone wants. There are not enough resources to last forever.
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  • Summer '16
  • Ashley Barton
  • Economics, major economic aggregates

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