Direction. Identify the following and write your answer on the space provided.

Economics 1.It is concerned chiefly with description and analysis of the

production, distribution,
and consumption of goods and services.

Macroeconomics 2. It is the study of the aggregate level of economic activity,

such as the total level of national income, the total level of employment and the general
price level for the economy viewed as a whole.

Microeconomics 3. It is the study of the economic behavior of individual

decision making units such
as consumers, resource owners, and business firms.

International Economics 4. It uses the same fundamental methods of analysis as

other branches of economics
because the motives and behavior of individuals are the same in international trade as
they are
in domestic transactions.

Gains from Trade 5. This happens when countries sell goods and services to
each other, this
exchange is almost always to their mutual benefit.