LINK 3: WHAT IS ECONOMICS

Question 1

It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.

Answer 1

economics

Question 2

study of individual decisions

Answer 2

microeconomics

Question 3

study of the economy as a whole

Answer 3

macroeconomics

Question 4

they might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.

Answer 4

microeconomist

Question 5

have all kinds of jobs, such as professors, government advisors, consultants, and private sector employees. Using theoretical models or empirical data, they evaluate programs, study human behavior, and explain social phenomena. And, their contributions inform everything from public policy to household decisions.

Answer 5

economists