Macroeconomics Flashcards
1
Q
What is the main difference between microeconomics and macroeconomics?
A
The main difference is scale.
2
Q
What is macroeconomics?
A
Macroeconomics involves the sum total of the economic activity, dealing with the issues such as growth, inflation, and employment.
3
Q
What does GDP stand for?
A
Gross domestic product
4
Q
What is GDP?
A
GDP is the value-added of all the goods and services produced within a country in a year
5
Q
What is economic growth?
A
Economic growth is the growth in the GDP of a country over time
6
Q
What is the rate of economic growth?
A
The rate of economic growth is the rate in which it has risen over a year, while economic growth is what they get in a year.
