Chapter 1 Five Foundations of Economics Page7 L1 What is eco

Chapter 1: Five Foundations of Economics Page7 L1. What is economics? Match each term to its correct definition. Drag each item on the left to its matching item on the right. the study of the use of money in modern economies the study of how people allocate limited resources economics microeconomIcs the study of the overall aspects and workings of an economy macroeconomics the study of the individual units that make up the economy the study of individual cases that illustrate general economic laws

Solution

Economics: The study of how people allocate limited resources.

Microeconomics: The study of the individual units that make up the economy

Macroeconomics: The study of the overall aspects and the workings of an economy.