Economic Problem Flashcards

1
Q

what is the economic problem?

A

the total of wants is virtually unlimited and we are faced with limited resources. each choice we make has a price called an opportunity cost.

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2
Q

what is microeconomics?

A

the behaviour of individual participants in society.

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3
Q

what is macroeconomics?

A

the behaviour of entire economies and the decisions that society must make as a whole.

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