Ch.5-Microeconomics and Macroeconomics Flashcards
1
Q
Microeconomics
A
The study of the behaviour and decisions of households and firms, and the performance of individual markets
2
Q
Macroeconomics
A
The study of the whole economy
3
Q
Market
A
An arrangement which brings buyers into contact with sellers
4
Q
Economics agents
A
Those who undertake economic activities and make economic decisions
5
Q
Private sector
A
Firms owned by shareholders and individuals
