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Chapter 1, Problem 1.1LO

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Economics Today: The Macro View (1...

19th Edition
Roger LeRoy Miller
ISBN: 9780134478760

Solutions

Chapter
Section
BuyFindarrow_forward

Economics Today: The Macro View (1...

19th Edition
Roger LeRoy Miller
ISBN: 9780134478760
To determine

To discuss:

The definition of Economics and the difference between macroeconomics and microeconomics.

Concept introduction:

Economics being a broad discipline, can be defined in various ways.

Economics is the scientific study of decision making. These decisions are taken because the decision makers or the economic agents try to maintain a balance between limited resources and their unlimited wants and desires.

Explanation

The discipline of Economics is divided into two −

Microeconomics - The study of economic agents such as firms, consumers, and producers at micro or individual level is Microeconomics. It uses the tool of individual demand and individual firm’s supply.

Macroeconomics - The study of the economy as a whole i.e. national income, aggregate demand, and aggregate supply is Macroeconomics.

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