Rationality

Question 1

Economic welfare

Answer 1

The level of well being or prosperity or living standards of an individual or group

Question 2

Macroeconomics

Answer 2

The study of the economy as a whole

Question 3

Microeconomics

Answer 3

The study of the behaviour of individuals or groups typically within a market context

Question 4

Neo-classical theory

Answer 4

A theory of economics which typically starts with the assumption that economics agents act rationally

Question 5

Utility

Answer 5

The benefit or satisfaction derived from the consumption of a product to an economic unit