intro lecture

Question 1

three popular econ defintitions

Answer 1

1) study of scarcity
2)how ppl use resources to respond to incentives
3)study of decision making

Question 2

this course econ defintiion

Answer 2

mathemtaical stidy of human behvaior both at the individual level and in aggregate macroeconomics: studies econ as a whole

Question 3

cycle

Answer 3

exapnsion occuring at about the same time in many econ activities followed by similar general recessions, contractions and revivals whic merge into the expansion phase of the next cycle