Provide two examples of economics being used as a tool by each of a student, a business, and a government. Classify your examples as dealing with microeconomic topics and macroeconomic topics

What will be an ideal response?

Students might answer that they use economics as a tool when they budget their student aid and when they decided which college to at-tend based on the costs of their options. Both instances deal with micro-economics. A business uses economics as a tool when it decides the price it charges for its product and the salaries it pays its managers. Both instances are microeconomic examples. The government use economics as a tool when it decides whether to increase taxes on cigarettes or lower the interest rate. The first example is microeconomic in nature and the second involves macroeconomics.