a good theory or model nat is an economic theory or model? What constitutes a "good" economic theory or model?

Tick (√) in the appropriate column to indicate whether each of the following statements belong to microeconomics or macroeconomics.   Statements Microeconomics Macroeconomics a.       Salmah allocates her time between leisure and work.     b.       The unemployment rate in China had decreased since the implementation of open economy.     c.       The price of meat has increased as a result of higher tariff rate.     d.       It is anticipated that demand for cars will rise since the government had raise the income of civil servant.     e.       The inflation rate of Malaysia was 2.9% in the year 2013.

Economist Paul Heyne wrote a famous economic principles textbook entitled The Economic Way of Thinking. Based on your studies and reading from Module 1, write a short essay outlining what you understand to be “the economic way of thinking”? What are the key principles and tenets that any educated person should know regarding the science of economics and their applicability in the world today?