Part I. Make a short descriptive explanation of this slide entitled Macroeconomics Schema.

Terms to Review '1' economy, economics, macroeconomics, economic players, m;.-;:a.-1.:.-:n:1-: 1- ram m r', efficiency, equity, opportunity cost, marginal changes, economic incentives, 1: o m p a h i. r r: :1, innovation, market economy, invisible hand, market failure, externality, market power, standard of living, productivity, ination, short-run Macroeconomics Schema Limited SCARCITY Unlimited Resources of goods & services Wants ECONOMIZING PROBLEM (must make choices ) Society's 3 options for dealing with scarcity ECONOMIC Improve Use of Reduce GROWTH Available Resources Wants Allocation Productive FULL Efficiency Efficiency Equity EMPLOYMENT