1.02 What is Economics?
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macroeconomics
the study of national and global economy levels
economic products
goods and services
Actions in our daily lives involve economic products—the goods and services we need and want.
What does our actions involve?
economist
a person who studies economics
What to produce? How to produce? For whom to produce?
basic economic questions
national income tax
something you might study in macroeconomics
personal income
something you might study in microeconomics
microeconomics
study of economic from the individual, household, or business level
economics
study of how people get the economic products they need and want