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    Economics Handout Lesson 1

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    This document provides an introduction to economics. It defines microeconomics as the study of decision making by individuals and firms, focusing on small parts of the economy. Macroeconomics is defined as the study of the economy as a whole, dealing with aspects like unemployment, inflation, and national income. The document asks the reader to list two ways macroeconomics has changed in the United States since 2000 and define key economic terms while listening to a lecture.

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    Economics Handout Lesson 1

    Uploaded by

    api-270812104
    15 views2 pages
    This document provides an introduction to economics. It defines microeconomics as the study of decision making by individuals and firms, focusing on small parts of the economy. Macroeconomics is defined as the study of the economy as a whole, dealing with aspects like unemployment, inflation, and national income. The document asks the reader to list two ways macroeconomics has changed in the United States since 2000 and define key economic terms while listening to a lecture.

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    This document provides an introduction to economics. It defines microeconomics as the study of decision making by individuals and firms, focusing on small parts of the economy. Macroeconomics is defined as the study of the economy as a whole, dealing with aspects like unemployment, inflation, and national income. The document asks the reader to list two ways macroeconomics has changed in the United States since 2000 and define key economic terms while listening to a lecture.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    15 views2 pages

    Economics Handout Lesson 1

    Uploaded by

    api-270812104
    This document provides an introduction to economics. It defines microeconomics as the study of decision making by individuals and firms, focusing on small parts of the economy. Macroeconomics is defined as the study of the economy as a whole, dealing with aspects like unemployment, inflation, and national income. The document asks the reader to list two ways macroeconomics has changed in the United States since 2000 and define key economic terms while listening to a lecture.

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    Introduction to Economics

    What is economics?

    Microeconomics: part of economic analysis that studies decision making undertaken by


    individuals (or households) and by firms; it places a firm emphasis on the small parts of our
    economy.
    Macroeconomics: part of economic analysis that studies the behavior of the economy as a whole;
    it deals with aspects of economy such as unemployment, the general price level, and national
    income.

    List 2 ways macroeconomics have changed since 2000 in the United States:
    1.

    2.

    While listening to the lecture define the following:


    a. Resources

    b. Wants

    c. Incentives

    d. Models

    e. Normative economics

    f. Aggregates
    g. Independent variable
    h. Dependent variable
    i. Supply
    j. Demand

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