1.02 What is Economics?

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