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Question: What is the difference between macroeconomics and microeconomics?
macroeconomics is the study of the entire economy while microeconomics is the study of specific market or segment of an economy. macroeconomics deals with aggregate behavior while microeconomics deals with the behavior of an individual consumer.
Micro economics is concerned with:
- Supply and demand in individual markets
- Individual labour markets – e.g. demand for labour, wage determination
- Externalities arising from production and consumption. e.g. Externalities
Macro economics is concerned with
- Monetary / fiscal policy. e.g. what effect does interest rates have on the whole economy?
- Reasons for inflation, and unemployment
- Economic growth
- International trade and globalisation
|Which is the curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price?|
|D)||production possibilities curve|