Chapter 5 - Microeconomics and Macroeconomics Flashcards
1
Q
Define microeconomics.
A
Microeconomics is the study of particular markets and sections of the economy, rather than the economy as a whole.
2
Q
Define macroeconomics.
A
Macroeconomics is the study of economic behaviour and decision-making in the whole economy, rather than individual markets.
3
Q
Who are the decision-makers in microeconomics?
A
Microeconomics is concerned with the decision making by individuals, households, and firms.
4
Q
Who are the decision-makers in macroeconomics?
A
Macroeconomics is concerned with decision making for the economy as a whole (governments).
