All changes saved 1. Based on what you learned in this lesson, match the following terms to their correct definitions:
1. Microeconomics
a. The study of individual economic actors. For example: how individuals,
households, or businesses interact economically
2. Scarcity
b. What must be given up in order to gain something else
3. Economics
C. The limited amount of necessary or desired resources
4. Macroeconomics
d. The study of large economic systems and how their decisions affect issues
such as unemployment, price, and trade
5. Incentive
e. Whatever makes a person act or choose
f. The study of how a society manages its scarce resources
6. Opportunity Cost