2.1 microeconomics and macroeconomics Flashcards
1
Q
define microeconomics
A
- study of behaviour and decisions
- of households and firms
- and performance of individual markets
1
Q
define macroeconomics
A
- study of whole economy
2
Q
who are the economic agents
A
- households
- firms
- governments
3
Q
aims of households
A
- seek low prices, good quality products
- good working conditions and high pay
4
Q
aims of firms
A
- profit
5
Q
define a market
A
an arrangement which brings buyers into contact with sellers
6
Q
aims of workers
A
- seek good working conditions
- high pay
7
Q
aims of savers
A
- money to be safe
- give good return
