Question

This is your introductory definitions assignment. Type your answers directly into this section. Then press submit.

Economics

Macroeconomics

Microeconomics

Opportunity Cost

Scarcity

Ceteris Paribus

Based on what you have learned from your definitions: When we study the rate of unemployment in the US, we are studying a macro or a micro topic?   ________________         When we study the market for computers, we are studying a macro or a micro topic? ________________

Answer 1

1) When we study the rate of unemployment in the US, we are studying a macro topic

Explanation: Macroeconomics refers to a branch of the economics field that studies how the aggregate economy behaves and employs the analytical tools of microeconomics. Macroeconomic variables are main signposts or indicator that signals the current trends in the U.S. economy.

2) When we study the market for computers, we are studying a micro topic.

Explanation: Microeconomics studies individual components and thus can be applied to the market for computer services