Chapter 1: What is economics and what do economists do? 1.0 / 5 based on 1 rating ? EconomicsChapter 1: What is economics and what do economists do?ASAQA Created by: Asiyah NCreated on: 13-07-16 12:58 Economics Economics is the study of choice and decision making in a world with limited resources 1 of 7 Demand Demand is the quantity of a good households are willing to buy in a market 2 of 7 Supply Supply is the quantity of a good firms are prepared to sell in a market 3 of 7 Macroeconomics Macroeconomics examines the economy as a whole 4 of 7 Microeconomics Microeconomics examines individual consumers, firms and markets in the economy 5 of 7 Normative Normative means an opinion that cannot be scientifically tested 6 of 7 Positive Statement A statement that can be scientifically tested and possibly falsified 7 of 7
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