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IGCSE Economics Definitions > Chapter 5: Microeconomics and Macroeconomics > Flashcards

Chapter 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

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2
Q

Macroeconomics

A

The study of the whole economy

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3
Q

Market

A

An arrangement which brings buyers into contact with sellers

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4
Q

Economic agents

A

Those who undertake economic activities and make economic decisions

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5
Q

Private Sector

A

Firms owned by shareholders and individuals

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IGCSE Economics Definitions (39 decks)

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