Distinguish between macroeconomics and microeconomics
What will be an ideal response?
Macroeconomics is concerned with the behavior of the economy as a whole, while microeconomics is concerned with the choices of individual decision-makers, such as households and firms. Macroeconomics deals with aggregates, such as the total output of the economy or unemployment, while microeconomics deals with how many hours a person chooses to work or how many people a firm decides to hire.
Economics
You might also like to view...
A product's price elasticity of demand depends critically on the availability of substitutes
Indicate whether the statement is true or false
Economics
The aggregate supply curve is depicted as vertical in the simple quantity theory of money
Indicate whether the statement is true or false
Economics