Micro vs Macro Flashcards
1
Q
What is economics?
A
A social science concerned with the production, distribution and consumption of goods and services, and the transfer of wealth
2
Q
What is microeconomics?
A
The study of economics built from the actions of individuals, firms and government in markets (based on individual decisions)
3
Q
What is macroeconomics?
A
The study of economics viewing the whole economy at once, and splitting it into different areas (affect the whole country)
4
Q
Which are these: Interest rates, strikes, inflation, exporting, buying a good, water pollution
A
Macro, micro, macro, macro, micro, mirco
