Economics: An Introduction — Important Questions

Performed to get economic benefits, Involves exchange of goods or services, Involves costs, Satisfies some want

Economic activities are performed for economic benefits, involve exchange and costs, and satisfy wants. Activities done purely out of love or compassion are non-economic activities.

Charitable work, Helping friends out of love, Activities done out of compassion

Non-economic activities are performed without the specific purpose of obtaining economic gains. They include charitable work, activities done out of love, affection, or compassion.

Issues affecting the entire economy

Macroeconomics studies issues that emerge from and impact the entire economic setup, such as national income, unemployment, poverty, and growth rate.

X-axis (horizontal)

Independent variables (cause variables) are typically represented on the X-axis (horizontal axis), while dependent variables (effect variables) are represented on the Y-axis.