Define economics and describe its branches of study
What will be an ideal response?
Economics is the social science that studies the choices made by individuals, businesses, government, and entire societies as they cope with scarcity. It has two branches, microeconomics and macroeconomics. Microeconomics is the study of the choices made by individuals and businesses, the way they interact, and the influence that governments exert on these choices. Macroeconomics is the study of the aggregate (total) effects on the national economy and the global economy of the choices that individuals, businesses, and governments make.
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Which of the following would an economist classify as capital?
A. 100 shares of Microsoft stock. B. $50 bill. C. credit card. D. lawyer's personal computer.
An increase in supply means that quantity supplied rises
A. at least one price. B. at a few prices. C. at most prices. D. at all prices.