Microeconomics vs. Macroeconomics Micro deals with the interactions and decisions of individual households as well as firms. Macro deals with the economy as a whole. What is GDP? The market value of all final goods Read more…
Economics the study of the management and allocation of limited resources Economics model a simplified version of reality used to analyze real-world economics situations scarcity a situation in which unlimited wants exceed the limited resources Read more…
What is economics? study of how people allocate their limits 2 Branches of economics Macroeconomics (large) Microeconomics (small) Macroeconomics Study of behavior of the economy as a whole -Inflation -Taxes -Unemployment Microeconomics study of decision Read more…