Describe the potential cost to you of enrolling in this macroeconomics course. Examine which factor—the time or money you must forfeit—is more significant when making decisions. Examine how scarcity affects your day-to-day existence.

 Which of the following BEST describes macroeconomics?
A) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make when coping with scarcity.
C) It examines how the choices that individuals affect governments.
D) It is not a social science because its predictions cannot be tested.
E) Proving causation is never a problem for macroeconomics.

Describe the potential costs of both scarcity and choice.

Provide an example where you may be using economics as a tool for making decisions and classify your example as dealing with microeconomics topics or macroeconomic topics.