Economy - a system for allocating resources to meet people's needs and wants., Economics - the study of the economy, Economist - a person who studies economics, Good economy - one where there are many good-paying jobs, businesses are making money, and the overall economy of the country is growing., Bad economy - one where people are losing their jobs, businesses are shutting down, and the overall economy is not growing., Microeconomics - studies how individuals and businesses make decisions within the economy., Examples of microeconomics include: - Why someone chooses to buy one product over another and how the supply and demand of products work together, Macroeconomics - looks at a bigger picture than microeconomics - the economy as a whole and not individuals or small businesses, Examples of macroeconomics include: - the Gross National Product of a country and unemployment rates, Two important terms in an economy - are goods and services,

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